Financial Times , 1982, UK, English

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28 . 81 *-.,/ * /
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PUBLISHED -IN LONDON AND FRANKFURT,

Wednesday June 30 1982

*** 30 p

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LEOPOLD FARMER

\^UJ«nONS Br SALES
PROPERTYa- PLANT

U3^0^N-BIFMNGHAM■BFto tOL

LBEDS- LIVERPOOL

Tel: 01 -405 8411

COKTI MENTAL SELLING PRICES: AUSTRIA Sch. IS; BELGIUM Fr 35; DENMARK KrB.SO; FRANCE FrB.OT: GERMANY DM2.0; ITALY L 1,000; NETHERLANDS FI 2JS; HOBWAY KfE-OP; POBTUCAL EwSO; SPAIN Ft»85: SWEDEN KfSJO; SWitdfcHiANP FrZO; EWE SOp; MALTA

GENERAL

BUSINESS

Powell NY gold

in Ulster ep $ 3 . 9 ;

Aslef calls indefinite
rail strike from

Thatcher

1

hints at

. 9 ; midnight Saturday union Bill

EEC cafis for
softer U.S. line
on Palestinians

BY JOHN WYLES AND -GILES MERRITT IN BRUS5ELS

BiM

BY PHILIP BASSETT, LABOUR CORRESPONDENT

7.8

A row erupt oil in the fieri?? of
Commons last nrr.ii l v.-*cn
Official Ulster Unionisi. 71?
Enoch Powell accused a senior
civil servant in the Northern
Ireland office. Awtolan Secre-
tary Clive Ahboli, of heir:: in
complicity with lire arista
government in the tierislop io
bring forward the ftcrlhern
Ireland Bill now lit* .'ore
Parliament.

Northern Ireland Sc-rcirr;
James Prior denied the a!lR->
tion and called upon y.r i’c- el!
to apologise.

He said Mr Poweli's oil fir
an inquiry v;ps “rjite

disgraceful. ”

Donovan may go

U.S. Labour Secretary Raymond
Donovan my have :o reti.Tt
despite a pro^eeuror".-! finding
that there was not enough evid-
ence to charge hi;n wi:n -in-:* io
organised crime. Page *1

Briton missLig

ITN cameraman Julian Harri-
son was among si;: journalists
who went missing in EJ Salva-
dor. They were covering a:;
attack by leftist guerrillas 'near
Suchitoio which left 14 civilians
dead.

Mersey crime up

Merseyside had a rernrd num-
ber of crimes last year, partly
because riots in Liverpool
reduced the number nf poiuc-
men available for normal police
work. Page 10

French reshu£ 3 e

French Indus! ry Minhter
Pierre Dreyfus. To. is likely to
step down today in the first
cabinet reshuffle since the
elections last June. Back Page

• Hinckley ‘shock’

John Hinckley said he was
shocked that a jury last wccl:
found him not guilty, by reason
of insanity, of trying to kill
President Reagan.

Torture charges

Four anti-terrorist .«qi:ad police-
men were charged i;i Rome v.i'.ii
torturing Red Brigades suspects.
They helped free kidnapped
U.S.' General James Dozier from
the guerrillas in January.

‘Smuggles - 5 j &!Z@d

British archaeologist Ralph
Pinder Wilson was yer.tenccd ;o
10 years’ jail in Afyiv-snisian
for smuggling ancient coins in
London, an .■Yi’shan newrpiip'.r
said. Kabul Radio >air.i he
pleaded guilty.

City bans guns

San French co became ihe i’r. : ‘
big U.S. clfy lo ban ;he ov.-niT-’
'of private hand -■•in hut
acknowledged that crfnivr-iiii.nt
will be a problem. Back Page

King through

Twelfth seed Billie-Jejsi King
(U.S.) beat e i::?h 5*."fd Wendy
Turnbull (Au-*tra!i.:» ’r reach
the Wimbledon wo-.en : : J irg!#.-s
quarter final. P*us?c< - 71 -v ‘rant
of Britain reached i;w L:i IS
in the men s single;.

The old country

One Briton in >d:-: b <>' r*- n:-i*"!.
able age. the ltt?.! wnm,
showed. The ponrlarion grew
0.6 per cent in 20 yenrs>. hut
there were 1° per cen* m-re
pensioners and *- ? 1xr c-=ik
fewer onder-16s. Page 10

Briefly. . > -

World Cup: Italy 2. Arjea'ira L

Pierre Balmain, dre.^s djjgncr.
died in Pairs at GS.

Milan bank, robbers j-mif
Lahn from iu under-

ground safe.

A VS. jud~c onirrrt! :>?.• r ••

of 2JKUI Hainan refnc*. : ■ v >.n
entered the country .Heyti;!;. in
the last year. Pagr 4

0 GOLD rose $7.25 to $ 311 In
London. In New York the
Cfavncn Julv close was $315.4

1 S3! 1.5). Tage 25

O COPPER rose £2fi in London
ts> close si £782 a tonne, making

700 . copper:

r Cask High Grade

CHIEF PBHOE CSftSSES

(Prices In pence unless utbemise

rises

Eschqr lljpc 1986... £95? — l
Exchqr 12r«e 13-17... zn\ *

BPB 4126 - 12

Barclays Bank 57* — 5>

Barratr Deve's 267 — :»

Britis-h Sugar -75 - iff

table Ami Wireless 2H3 10

CourtauWs 7S -

Distillers ITS ■*- 4

Elcctroeompenen*? . 172 — 7

Ferranti 7-:.’. - i?

GEC ?o3 - J J

GKX t 5

Gla^s Glover 161 + 7

YESTERDAY

Indicated)

Jeter-City Irtvs

r...i»n Group ...
"i+nnedy Scale ...

i.loy.'i:. Bank

.NatVVc? 1 . Bank

r*r---s fv.'nu

’.VG!

r.V Rcer.- Dfd

M3 ’.I Hid-,

I5.T2

FALLS

DAT imis

Rwriion Smith A...
Siitj'i^:;'. Service ...
B?

49 + 6
263 + 45
156 + 4

55 + 4
112 + 6
191 +5-
165 +-S
36S + 13

430 - 11
S3 - 7
91 - 6
290 - S

LEADERS OF the train drivers'
union Aslef yesterday called an
all-out indefinite rail strike
from midnight on Saturday —
less than 24 hours after the
rival National Union of Rail-
waymen called off its strike.

British Rail services were re-
scheduled to return to normal
from midnight last night fol-
lowing the formal suspension
of the NUR strike — but unless
any possible moves to avert the
strike called by the Associated
Society of Locomotive
Engineers and Firemen are
successful, the network is
likely to be run down again
from Saturday afternoon.

The prospects of finding a
solution to the Aslef strike
seem remote. BR board
officials have always regarded
the difficulties over the 5 per

cent pay and productivity offer
with Aslef as much more in-
tractable than those with the
NUR.

The surprise Aslef decision
to cal! out its 27.000 members
Fmm midnight on Saturday was
taken unanimously yesterday by
the six members' present of the
union's bard-line executive com-
mittee.

It is in response to BR's
declared intention to introduce
new flexible work rosters across
the country from Sunday with-
out AsleFs agreement. These
alter the drivers' shifts from the
traditional eight hours to vari-
able 7-9 hours spans.

Sir Peter Parker. BR chair-
man, described the Aslef deci-
sion as ‘"deplorable and shame-
ful." Sir Peter, who has come
dose to staking his reputation

at BR on achieving flexible
rostering and other productivity
improvements, . said: "This
strike call exposes the hollow-
ness of AsleFs decision in first
protesting Unit the machinery
and negotiation is not being
used to resolve the issue of flex-
ible rosters then totally ignor-
ing the verdict of the independ-
ent tribunal which endorsed
BR's case for varying the 8-
hour working day within a new
guaranteed 39-hour-week,

Sir Peter said the British
Railways board remains firmly
committed to introducing flex-
ible rosters for drivers as an
Continued on Back Page
Thatcher praises u good sene
of NUR," Page 11
'Call Co heal rail union split.
Page 12

Editorial Comment, Page 16

TUBE STOPPAGE SUSPENDED

fl 0 3 u Apr M»y Jw I

l 1982 J

z sain of £92.75 since its four-
year low ci the -beginning of
insl Y.cek. Page 25

O STERLING rose 95 points on
the dav in London lo $1.73, but
fell io »3! 4J65 (DM +285),
?Fr 11.S4 (FFr 11.875),
SwFr 3.65 (SwFr 3.6675) and
ViS2 t Y444.5). Its trade-
wei silted index was unchanged
=1 91.1. Page 2S

O DOLLAR fell in London to
TOl 2.4725 (DM 2.4885), FFr
i;,S.iS (FFr 6.901), SwFr 2.109
iSv~r 2.1235) and Y255.52
(Y25J.35). Its trade-weighted
istkx v.-ss 121.3 (121.8).

Pn-c 2$

O EQUITIES: the FT 30-sfaare

intie:: closed 7.S up at 552. Page
■ >*-

"•i GILTS: the Government
Securities Index rose 0.34 to
IS8.M. Page 27

O iVALL STREET was down
2.57 at 809.36 near the close.

Pave 26

0 JAPAN’S exports in May fell
6.3 per cent compared with last
;.t;ar. Pa ne fi

Q FORD today launches a one-

1 inne pick-up truck made in
South AFnca onto a^L’K market
cicminated hy Japanese vehicles.
Dbcl: Pa-^e

NVTIOXAL ENTERPRISE
Ziovid made a record pre-tax
IhSj of £59 m in 1981. Page 10

O 5N73DS. the NEB’s controver-
.•! micpvchip company, is
to need an extra £5m-
>: in the coming year. Back

Paw

O ! .'Ji INSTANCE companies’
Uirtcrwritinc losses worldwide
neirl; doubled to a record
i'GlSnt last year. Back Page

O r.\xs LENDING in sterling
i sector rose hy a

-I'd 2-.97 r -n in »ne February
:o 1.p-\ cu.irier. Page 10

O ’’"Ji. \XD BANK is teaming
i:n V;e*? Yorkshire County
C.’suncti to provide equity
jjiMnee far companies in the

O BRITISH STEEL wants to cut
6!*u of the 2.000 jobs in its
Sheffield si.ainlefs steel plants.
Page It*

O V.OH1.WORTHS of Austra-
J:i ii-d bid abnu: A$2Q0m
rilLSmi fur Groce Brothers, a
ecmnccng -lores group. Page 23

O SI NLiGHT SERVICES
!n;.i*:herl a £30n* reverse take-
o" vr b:.-i fur Johnson Group
r’lan'.rs. Page 18; Lex, Back
Page

O ELECTRO COMPONENTS im-
prr.vud pre-tax profit; to
£15. 7 tm i£14.56m) for the year
v. M.-n 31. Page IS

O TRIDENT TELEVISION re-
oorV'd lower pre-iax profits of
i3.*Sm f£+.26m) for the six
month *<# March 31. Page 18

O TECALEMIT, ihe lubrication
and "are^e e-quipmenr
-nan. m.id? lower taxable pro-
of £I..i4m l£2.19m> for the
; c:r to March 31. Page 18

London Underground sendees
should be working today. The
National Union or Railway-
men decided yesterday to
suspend from midnight last
night the all-out strike over
new work rosters, writes
Philip Bassett.

This follows a similar
decision by the NUR annual
general meeting in Plymouth
to call off the indefinite strike
over pay and prodnetivty on
BR after only 18 hoars and
is another blow to Left-
wingers in the NUR. It also

offers farther support to Mr
Sid VVcighell, the union's
moderate genera] secretary.

.After Monday's BR vote
Tube services yesterday
showed marked improvement
on the previous few day&

Mr Weigheli told the con-
ference that following the
decision to press for the dis-
puted Underground work
schedules to be lifted, the
Advisory, Conciliation and
Arbitration Service had con-
tacted him and proposed a
meeting.

Officials of ACAS and
London Transport flew to
Plymouth yesterday for talks
with Mr Weigheli, which were
still going on last night

With the talks in prospect
the moderate annual confer-
ence decided to suspend the
strike from midnight It
reaffirmed NUR policy that
the new schedules should be
withdrawn Indefinitely and
that staff returning today
should work to the old
schedules.

Harland & Wolff future depends
on winning bulk carrier orders

BY JOHN LLOYD, LABOUR EDITOR

THE FUTURE of the Belfast
shipyard Harland and Wolff
depends crucially on winning an
order for two bulk carriers —
with the fiercest competition
coming from British Ship-
builders' yard at Govan.
Clydeside.

The order for two 42,000-
tonne bulk carriers for a Nor-
wegian company, is now out to
tender.- Shipbuilding union
leaders believe that the two UK
yards are the only series
contenders.

The order, if secured by the
UK,- would pose a dilemma for
the Government, which would
have to balance the claims of
two areas hard hit by recession
and unemployment.

There is little doubt that
Harland and Wolffs position is
desperate. Tne yard has one
ship almost completed two
others to be finished this year
and a fourth — a 170,000-tonre

iron ore carrier for the British
Steel Corporation — about to
begin construction. Thereafter,
the order book is empty.

It has been unable to obtain
a permanent managing director
to replace Mr Ronald Punt, who
retired in May. The yard’s
financial director, Mr Douglas
Cooper, is acting managing
director.

However, two senior British
Shipbuilders managers, both of
them Northern Irish, are under-
stood to have been approached
— much to the annoyance of
British Shipbuilders.

The two are believed to be
Mr John Parker, the BS deputy
chairman, and Mr Eric Mackie,
the managing director of the
Govan yard. Neither has so far
accep'.ed the invitations.

The job is one of the toughest
in Eritisb shipbuilding, and
both men would require guaran-
tees *rsT the Government was
prepend to give long-term

financial backing to the yard.-.

Harland and Wolff has a sub-
vention of £46m for the current
year and can receive varying
sums from the shipbuilding
intervention fund for each
order.

Two consultants’ 1 reports, by
PA Management and A and P :
Appledore, are' being con- !
sldered by the yard manage-
ment These are thought to sug- •
gest further, paring down of
the yard’s 7.000-strong work- 1
force and capacity, as a step |
towards viability.

Shipbuilding union officials :
believe that the implications of
the consultants' reports could
be swallowed, by the workforce
— but only if the bulk carrier ;
orders are secured.

The yard's top management
and the shipbuilding unions are
due to meet in two weeks.
Pressure for shorter war king
life, Page 12

By Sinw* <* oodihan. Political

Corr w pondent

THE GOVERNMENT seems
almost certain to introduce
! another Employment • Bi£L
before the next General. Elec-
tion, making secret ballots of
union members ■ compulsory
inkier certain circumstances.

It is likedy to be iaduded m
the Queen’sa Speech, after next,
following a period of consulta-
tions. Its precase contents will
be influenced by the industrial
situation between now and
then, but at the minimum it is
expected to make secret ballots
compulsory for the election of
certain trade union officials*

Mrs Thatcher made her wish
to have a third round of trade
union legislation clear in the
Commons . yesterday. . When
pressed by Dr David Owen, the
SDP's parliamentary leader, to
amend the Employment Bill to
increase the provision for
secret ballots, Mrs Thatcher
said that while such a clause
could not be added to the pre-
sent Bill “I hope one day it
will be introduced before the
next General Election." The
Bill is going through its final
stages in the Lords.

Ministers have not yet collec-
tively agreed to ~ another
Employment Bill, although Mr
Norman Tebbit, Employment
Secretary, warned the unions
that he was under pressure to
introduce further legislation.

Mrs Thatcher’s tone yester-
day suggested that- the rail
strike had reinforced her own.
belief in the need for tougher
trade union legislation. ' ' '

However, there was some ant-
fusion about what .she meant
Some Tory MPs in favour of a
tougher line with the unions,
claimed that what Mrs Thatcher
had in mind was . a clause
malting secret ballots compul-
sory before strikes^ They argued
that such a ballot would have
preYe^ed-4hjei:disruption caused
hy the tafl strike.

In the past ministers have
seemed reluctant to, Introduce
such a clause given' the prob-
lems the Heath government had
with a similar provision.

Despite the confusion, Mrs
Thatcher’s remarks • raised the
expectations -of her own back-
benchers, many of whom would
feel let down if the Govern-
ment did . hot ;come forward-
with another BQ1 ' before - the
election. . _ '

£.in New To* .

— I June 28 j. Prtvtau*;'

Spot ] 31.7285- 7310 81.7225-7200
1 month 10.43-4X46 pm 0.444X46 pm
3 month*: 1 JO-1. 56 pm 1. 56- 1.61 pm
12 month* 1 0.08-3. IB pm* 5Jt9 -5.40 pm

EEC HEADS of government
yesterday called on- Washing-
ton to be more conciliatory in
its approach to the- beleaguered
Palestinians 'in the Middle East:
and to make stronger, efforts to
defuse UE. trade and economic
conflicts with Europe.

In two major, declarations
following the EEC heads of
-government summit the Com-
munity signalled frustration
and even anger. - with U.S.
policies, although in more
restrained language than some
of the leaders wished.

Relations with the U.S. : . and
the crisis in the Lebanon domi-
nated the talks, but government
leaders also issued declarations
pledging efforts to establish,
new links with Latin America
following damage caused by the
Falklands, crisis .and a commit-
ment to step up promotion of
-productive investment' ■ as a
means. of combating unemploy-
metrL

!- • On the Middle' East' the Ten
wished to persuade the .U.S. to
press Israel to Withdraw . its
forces around Beirut simul-
taneously with a withdrawal of
Palestinian forces from the
western part of the Lebanese
capital ' - •••

* Their joint declaration pro-
posed that the separation of the
two forces be controlled by the
Lebanese military, supported by
UN observers or forces. Mr
Francis Pym. the Foreign Secre-
tary, said afterwards this would
result in a neutral zone around
Beirut

. The summit was vague as to
where the Palestinians in. west
Beirut should be encouraged to
go but .-.more .'explicit . on the
main approaches, to a Lebanese
peace and a "broader Middle
East settlement

’ In the Lebanon, a “ final
■’peace” required full Israeli
withdrawal and departure of all
foreign ■ Forces except those
authorised '*by a legitimate
and broadly representative
government of Lebanon ” in
control of its national territory.

The Community reiterated its ,
view that a broader settlement
required all parties in the
Middle East to accept one an-
other's existence and recogni-
tion by Israel that enhanced
.security will flow not from the
Use of force taut from “ satisfy-
ing the legitimate aspirations of
the Fsdestinian people."

The Palestinians were urged
to pursue their demands by
political means and implicitly
advised to recognise and respect
Israel’s right to existence and
security.

. In . addressing the U.S., the
Community leaders called for a
constructive dialogue between
Washington -and Brussels. The
language of the two page text
dealing with -the strains which
-had been Imposed on relations
by UE. actions on steel and the
Soviet gas pipeline was con-
siderably moderated during
discussions yesterday morning.

Mrs Thatcher, . the Prime
Minister, was anxious to avoid
a political challenge to the U.S.
Government which might pre-
judice fresh efforts to find
compromise solutions. The
result was a mild reproof in
place of an earlier draft, in-
volving an outright rebuke to
the UjS. for failing to respect
the cooperative spirit estab-
lished at the Versailles econo-
mic summit at the beginning of
last month-

- Summit report Pages 2 and 3
UJS. reaction. Page 6

Barclays appeals to staff
for Saturday voluiiteers

BY ALAN BUEDNAN 1

BARCLAYS BANK -said yester-
day it would appeal .directly to
50,000 branch ■ employees for
volunteers for the -opening of
more than 400 branches on
Saturday mornings. "

It said it had failed to reach
agreement with the Barclays.
Group Staff Union about Satur-
day openings, but was confident
that there would be enough
volunteers.

The staff bodies had been un-
willing to discuss Satu>day open-
ings, the bank said. The appeal
for volunteers would be de^
Irvered to employees at work.

“The union doesn’t wish to
negotiate on the basis of Satur-
day opening. We have made hn

offer to the staff and we hope
they wild pick it up.” it said.

Barclays hopes to. know by
July 15 how many volunteers
will accept its offer of up to
£40 per Saturday session.

The Barclays staff union is
considering . taking industrial
action over the issue and has
asked "its 35,000 members
whether they wish to conduct
a “campaign of active resist-
ance." The union represents
about half the bank’s 70,000 UK
staff.

• Mr John Quinton, Barclays
senior general manager, made
Continued on Baric Page
Big rise in bank loans to
private sector. Page 10

Lloyd’s agreement with Itel

BY JOHN MOORE, CITY CORRESPONDENT

LLOYD'S insurance under-
writers have passed a milestone
in the settlement of 5500m-
worth of computer leasing
insurance claims, the farces:
series of claims in the 30<V-year
history of the Lloyd's marker.

Itel Corporation, the San
Francisco based computer
leasing company which was
crippled by debts of 51.3bn.
yesterday announced it had
reached agreement with Lloyd'*
and that all outstanding claims
on its insurance arranged with
the market had been settled.

In full and final settlement.
Lloyd’s has paid $4m. and
another $2m has beep reteased
frim an escrow account.
Lloyd's in turn has withdrawn
its own claim for SlOfln*. in
Itel’s Chapter 11 proceedinas in
the UE. federal bankruptcy
courts.

In ail. underwriters will have

paid out up to S12fmi in iniur-
Lr,re c; Sims on ltd's computer
leasing insurance business,
which represents about a quar-
ter of The total computer leasing
insurance business underwriters
accepted.

But Lloyd's still faces a long
haul before the computer leas-
ing affair ii brought to a cop-
cius:or.

A !c?e! action is due to be
heard in the U.S. courts this
month between Lloyd’s and a
U.S. computer leasing company.
Another legal action by a com-
puter learlng company m the
U.S. against Lloyd's under-
writers for a total of SfftSm is
due to be heard next January.

The computer leasing losses
Lloyd's suffered in the hte
1970;. arose from the policies
which leasing companies
arranged ’□ protect themselves
a gains: :ne early termination

of leases hy customers.

Underwriters at Lloyd’s failed
to take note of the rapid rate
of technological change, in-
sured over $lbn of the busi-
ness, and were faced with, al-
most instantaneous losses.
More than 1+000 claims poured
into the market

Many leasing companies had
been using the policies as col- .
lateral with their banks, .which
in turn became locked in dis-
pute with Lloyd’s when under-
writers resisted the daims.

Yesterday. Itel said it was
“pleased by this result with
Lloyd’s, which solves a difficult
and persistent problem which
we estimated at one time to
represent potential obligations
in excess of $300m.”

Lloyd's UJS. attorneys said
that they anticipated final losses
on computer leasing could be
less than 5444m.

the qu

CONTENTS

International trade: uses and abuses

sanctions 16

Body scanners: nuclear images in ?.he

clinic 17

Social affairs: women and immigrants —

a blurred snapshot 17

Energy Review: TransCanada tries to

shift a gas burden S

Commercial Law: maritime theft with-
out force not piracy 13

sharp

Gardens. Today: a sharp eye on
colours - 13

Management: Mobil Oil UK's maverick

personnel director 14

Editorial comment: Europe and Reagan;

public sector pay 16

Technology: making a hole in the
Earth’s crust 24

Survey: new building ma terials .-- iiis4

American Hows _
Appointments ._

-Art*

Bum Ratos

CsimnodiriM

Companlos UK ..

Cro atv wri

Erttomfl. Guide ..

European Nawl ..
Ehiramarfcots

Euro Opts

FT Aciuartos -

_ 4

SO
15

. ac

. 25

13-20

. 15

15

. i. 3
ai
20

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FqtbJijt? EuhsR^cs
G*MI ttarfacts . ...
inti. CsmpaniM ...

Lrtd«r

Latter*

Lm

Lor.dcn Qsts

tfana^qm-nt . . ..
Min m4 Matters

Mining

Miney Markers
Oversea* Mazes ...

5**ng £4 a

Sroek lil*** 1 *./.
LendortLii;

wen &arrz

BounosI'
TwchnoloqjfcjT^.
TV and Rid| >;

UK New*: V.— *
General

UbBur',....! . '

30.31

Othtr* 2®

Wnthar - 33

World Trade riews 7

ANNUAL STATtiAENTS
Bumatt & HaBaiilr* 1?

Chamber of MW*** O

HartrocompOnents. «*

Extol *

Seat*. Agric. ®

Slakt *1

For bziezi Snare hidez phone OI-sJ

o

EUROPEAN NEWS

; r- ^r>aun? aT'Tima=r weanesaaj; tHme-iwt-

— ‘'yri *

Robert Graham on how election fears threaten monetary policy

Gloom as Spam’s economy drifts

^HE Bank of Spain has added
’its voice to the growing concern
•'among bankers and business*
• -men over Spain’s public sector
••■deficit. This has now become
! the major economic issue, forc-
l-.jng unemployment and lack of
private investment into the
background.

" Sr Jose Ramon Alvarez
” Rendueles, the Governor of the
' Bank of Spain, has not minced
his words. In bis annual address
“• on the Bank's activities he
r bluntly warned, that the public
sector deficit was seriously
undermining any attempt to
pursue a coherent monetary
policy. Furthermore, he pointed
out that there were limits to
the success of any economic
policy which relied for its con-
trol almost exclusively on
monetary instruments managed
by the Central Bank.

This warning has been
" .greeted in total silence by the
" Government, which has not
'• given an authoritative state-
ment on the economy for
several months now.

The silence is not surprising.
The Government is now totally
preoccupied with its own
political survival. It is afraid
to do anything which might
‘ prejudice its chances in front
of the electorate or create
further divisions within the
various factions that make up
.-"the ruling Union de Centro
Democratico (UCD). With gen-
"eral elections now almost
certain to be brought forward
from spring next year to this
autumn there is a sense of drift
' and caretaking about economic
' policy.

So far this year the Treasury
has resorted to the Bank of
Spain to the tune of Pta 520bn
.j£2.7bn). which is more than
the budget envisaged for the
-whole of 1981. Last year, the
. Treasury's total from the Bank
of Spain -was Pta 470bn, while
. accumulated advances to the
Treasury totalled Pta 671bn.

the effects of ijh'e devaluation
of the peseta. In the first six
months of toe year the peseta
declined 16 per cent -against the
dollar, the bulk of the decline
occurring in the- post month.
The slide has been such as to
prompt speculation about new.
petrol price rises.

The- effects of the peseta’s,
depreciation have not only been
felt on prices. The authorities
have been obliged to mount
their biggest support operation
of toe currency since early .1977.

In the first four months of
1982, the Bank of Spain spent
$1.3bn (£75 5m) in supporting
the peseta, while convertible
reserves have faHen by $1.6bn
to $9bn — the same level as the
end of 1978, but with imports
costing over a third more.
Capital inflows have dried op
as a .result of high interest
rates abroad.

Jose Ramon Alvarez Rendueles, Governor of the Bank of
Spain, warned of the Government's monetary policy being*
undermined by the growing public sector deficit

Part of this Is easily attribut-
able to the effects of inflation
on nominal salaries, recession
hitting tax receipts, increased
aid to the unemployed and big-
ger pay-outs to pensioners —
factors which the administra-
tion has not had to handle
simultaneously before. At the
same time, however, current
spending continues to be poorly
controlled and one huge area —
that of the social security
budget which is as large as the
normal budget — defies unravell-
ing and resists all attempts at
rationalisation.

Between 1977 and 1981 cur-
rent public spending has in-
creased 2.4 times, raising its
share of gross domestic pro-
duct, from 24 to 30 per cent.
Meanwhile total tax receipts as
a percentage of GDP, have
failed to keep pace — rising
from 23 per cent to 27 per cent.

Perhaps a more alarming
statistic is that in the past four
years the public sector deficit
has more than doubled' its
share of GDP and now stands at
3.6 per cent. Last year econo-
mists were content to say: “It
is not so much the quantity of
the. public sector deficit but the
quality.” Nojv talk has switched
to the accelerated speed at
which this deficit has grown.

There is, in short, need for
greater fiscal pressure through
increased indirect taxes, re-
duction of tax evasion through
second jobs or by self-
employed and rationalisation of
tax write-offs.

Tax reforms were introduced
in 3979, but Spain remains well
behind most European countries
in operating a system that seeks
a fairer distribution of wealth.
Considerable scope exists for
raising taxes on prime consumer
items, like . drink and tobacco,
and companies, for instance,

make good use of poor control
of export earnings which have
important tax write-offs.

Any move to tamper with
direct or indirect taxes however,
is politically explosive in the
present climate. Thus there is
a sense of resignation that the
public sector deficit will rise,
and that the money supply will
increase (at present it is two
points above the 15 per cent
target) with all the inflationary
consequences.

As it is the rate of inflation,
gradually brought down to more
manageable proportions from
almost 30 per cent of 1977-78.
is moving upwards again. Pro-
jections of 12-13 per cent infla-
tion have been revised close (o
15 per. cent Spain is over 4
per cent above the average
inflation rate of the seven major
OECD countries.

Bank of Spain economists
point out that June to the end
of September is the period dur-
ing which tourist receipts pro-
vide an influx of foreign ex-
change and that the total loss
to reserves for the year could
be no more than $1.6bn with a
$4bn balance of payments
deficit. Bit these figures -are
disputed by the private banks
and the peseta is continuing its
downward movement

This is not because of wages,
which have been the one posi-
tive feature. As a result of the
social contract between the
Government, employers and
trade unions a 9-11 per cent
wage band has been observed.
The average settlements in tbe
private sector are around 10.5
per cent. The push has' come
from prices, especially food-
stuffs, and more recently from

The mix of political un-
certainty, renewed inflationary
pressures, doubts about tbe
parity of the peseta and con-
cern. over the public sector
deficit, when added to the inter-
national outlook of continued
recession and high dollar
interest rates, makes glocuny
reading for the private
sector. Growth is unlikely
to be more than 2 per
cent, especially if the drought
persists this year for the
second year running. This
underlines the continuing rise
in unemployment

The hope of providing 350.000
jobs — a basic element in the
social contract — to stabilise un-
employment has evaporated. In
the first quarter, unemploy-
ment increased by 74,000 and
now tops the 2m mark, 15 per
cent of the working population.
For unemployment to stabilise
now would require an average
growth in 1982 of 3.5 per cent

The unions know this , to be
a pipe-dream and are starting
to become restive. But they
are held back by the prospect
of an autnmn election, reluc-
tant to undermine The chances
of a Socialist triumph. . ,

Community
demand for
steel

THE EUROPEAN COUNCIL

Ten

falls sharply ofISTCIGli UlVftSiOIl IOFCC

I)*

£

By Arthur Smith, Midlands ■

Correspondent

DEMAND FOR steel through-
out the European Community
dropped by 25-35 per cent
from the first to the second
quarter, stockholders report

The extent of tbe drop has
caused surprise and concern,
Mr Rlebard Rawlins, director
Of Britain's National Associa-
tion ; of Steel Stockholders,
said last night The amount .
of steel ^“ swilling around
.Europe’ 1 would put new pres-
sures on pricing and orderly
marketing,, he said.

The Club ..de? March ands.
representing stockholders
from the 10 countries within
tbe Comumnity, meeting to
Brussels last Week, reported
a slump in orders starting in
mid-Mareh. The fall in
demand -was mainly within
tbe band of 25-35, per cent,
but there were .variations
between products and
countries. West Germany
and Italy were' down by as
much as 40 per cent, be said.

The trends ■ identified by
stockholders are a good guide
to economic activity as they
handle around half the steel
sold within the Community.

The European Commission
last week acknowledged' the
fall to demand by' catting
steelmakers’ third quarter
production quotas by up to 20
per cent from the level of the
second quarter.

The Commission forecasts
crude steel output between
July and September of 262m
tonnes, compared with 30.1m.
tonnes in the corresponding
period of 1981, and 32m
tonnes in the' first quarter of
this year.-- Second quarter
figures are- not yet available.

Even with the proposed
cuts la oatpnt, the current
surplus of steel within the
Community will put pressure
on the pricing control system
under which the Commission
requires all producers and
most stockholders to post and
hold to their prices for. most
products.

•Mr Rawlins said there was
serious over-capacity to tbe
stockholding industry, not
only in. Britain, but through-
out Europe. “If the Due
breaks, there will he a redac-
tion to the number of stock-
holders. 1 ’ he said.

Companies most at risk
were the medium-sized opera-
tions, with a turnover, of.
perhaps £2m-£3m. They did
not have the purchasing
power of the large companies.

THE FOLLOWING is the text
on the Middle East issued at the
European cottncS meeting:—.

1 — The Ten maintain their
.vigorous condemnation of the
Israeli invasion of Lebanon.
They are greatly : . concerned
about the situation in that coun-
try and in particular in Beirut
They believe that llie present
ceasefire must' at all costs be:
preserved.

This ceasefire - should be
accompanied ’on: 'one band by
an immediate withdrawal - of
Israeli forces from their posi-
tions around . the Lebanese
capital as a first step towards
-their complete -withdrawal, and
.on the other hand .by a simul-
taneous withdrawal of the
Palestinian forces in West
Beirut to accordance with pro-
cedures to be agreed between
the parties. .

In order to facilitate this
withdrawal, the. separation of
forces would- be' controlled-
during this short transition
period by Lebanese forces and,
by agreement ; ' with ' the
"Lebanese Government,- by UN
observers or forces. *: - *

2— The establishment of a
final peace in Lebanon, requires
the complete and prompt with-
drawal of Israeli .-forces from
that country as well as the de-

Chancellor Helmut Schmidt '

: left the Eurepean Coancil In ,
Brussels yesterday to return
to Bonn for 'crucial budget
talks which could decide the
fate of his coalition govern*
meat, Reuter reports. He. was
due to confer. later In. the
day with Herr Hans Dietrich
Genscher, ’ leader, rf the
junior coalition party.

parture ...of .all foreign forces
except those which _■ Buy be
authorised by a legitimate and
broadly representative Govern-
ment of Lebanon 1 whose
authority would’ be fiiHy- re-
established over, all its national
territory. The Ten. support all
efforts for the achievement of
these objective^.

3— For the present the Tax
have decided to continue ... their
activity to bring relie f to the
population in distress and, to
this contest, call on all' parties
to act to accordance 'with
Security Council Resolutions
511 and. 512. and to co-operate
with . the responsible inter-
national agencies as well as
with Urnfil. They are also
ready in dne course to assist in
the. reconstruction of-., the
country.

. 4-— Aiadcus' to initiator over
and above tite-setifemwit ;of the
Lebanese problem, the lasting
restoration; of peace and
security in the region, the Ten
wish to see negotiations based
on the principles of secteityfbr
ail- states. and justice tor all-
peoples, all the parties' con-
cern ed - should" be ^associated
with &e®e 'and th^vshouid
accept one another’s existence.
Israel- . wli . not' "obtain- toe
security- to . wirich it has toe
right by .uring force and; meat-
tog fatts. ttceompUs, but it can
find tins security, by satisfying
the legitimate aspirations, of
the Palestinian people, who
■should have the opportuxfify to
■exercise their Tight to setf-
detemtination With aB that this
implies. ' • • ’

: ,They believe .that for .nego-
tiations .to be possible, - the
Palestinian people -must be -able
to '-commit themselves to* them
and' -thus to be represented at
then! The position -of the Ten
reamdmr that -.the FLO should
be associated with the -negotia-
tions. . -

The Ten wish' to- .see -the
Palestinian people in position
-.to pursue thrir. demands by
political imearis. ■' " -

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Lebanon conflict. Page ff

■S' 1 ' - J

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Lower interest rates essential

.•Si-

!j

to recovery of world economy

? s: ’ '

THIS IS the communique on.
United States European. Com-
munity relations issued yester-
day at . the European. summit:

The European Council had a
detailed discussion . of. the
development of economic ^rela-
tions between the European
Comunity and the United States. .
1 In particular, the European
Council considered that It was
in the interests of the world,
economy to adhere to the lines
of policy agreed by the partici-
pants at Versailles. It confirmed
its intention for its part of
doing so to the full.

It considered that a lowering,
of interest!. rates yriLs a pre-
requisite for the recovery of the
world economy and expressed
tfie hope that the U.S1. Adminis-
tration and Congress "wf lli take
the necessary .decisions; to
resolve the' problejn of 'the bud-

get deficit

So far as trade, policy issues-,
were concerned,, the European
Council confirmed the conclu-
sion of the ministers for foreign
affairs, meeting in . the. Council
on June 21-22, with respect to
the decisions - or intentions
announced by the United States
concerning steel markets. . and :
export and licensing of equip-
ment for inclusion in the gas .
pipeline, and. those concerning
the common agricultural policy,
.-’hie European Council
^emphasised its view that the
maintenance of the open world
trade system will be. seriously
jeopardised by , unilateral and
retroactive decisions on inter-
natipnal frade. ' . .

The European - Council toere-;
tore crmddets^svitiWss of ther
highest importance: •

• To defend vigorously .the

legitimate interest of the . Com-
munity to the appropriate
bodies,; in particular the Gatt

• To make swe'that the Com-
munity, to . managing trade
-policy, acts with as much speed
and . efficiency . as its trading
partners.;

• .That a genuine: and effective
dialogue take place between
those in toe United: States and
the Community responsible for
decisions to the areas of pos-
sible ; dispute. This dialogue
should be instituted as a mauer
: of urgency. The Community for

its p£rt, ,i& prepared to make a
constructive contribution to
This ^dialogue. V

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Financial Times Wednesday June 30 1982

EEC to revive
U.S. talks
on steel dispute

EUROPEAN NEWS

3

BY GILES MERJUTT IN MUSSELS

NEGOTIATIONS between the
EEC and the U.S. 'aimed at
settling the bitter transatlantic
steel raw are shortly to be re-
launched by the .European Com-
mission as a result of the firm
directive' for fresh talks issued
by EEC beads of government at
the end of their- two-day Brus-
sels summit

The U.S. Government has
already indicated- that it is pre-
pared to entertain new discus-
sions on steel with the Com-
munity. Following last week's
visit to Brussels of Mr William
Brock, the US. Trade Repre-
sentative, Washington is under-
stood to have been considering
the framework on which a steel
compromise settlement could be
based.

EEC member states, the Com-
mission and the Reagan Admin-
istration appear to be in full
agreement that a solution to the
deadlocked steel problem is a
more likely development than a
breakthrough over the Soviet
gas pipeline embargo by the
U.S. that is also severely strain-
ing EEC relations with W ashing ,
ton.

There have been reports of
a “trade-off.” under which the
U.S. would modify its extension
of anti-Soviet sanctions forbid-
ding U.S. subsidiaries to supply
pipeline contracts in return for
an EEC acceptance of the latest
OECD export credit .consensus
proposals.- But such a pact looks
unlikely.

. Mr Richard Burt, the TJ.S.
Under Secretary of State-desig-
nate responsible for European
Affairs, yesterday held talks in
Brussels with senior Commis-
sion officials. But rather than
discuss details of any such
arrangement he emphasised the
importance of ensuring that
transatlantic trade tensions
should not sour political or de-
fence relations.

The mandate that the Euro-
pean Council, in its communi-
que, has given the Commission
to resume the EEC-U.S, talks

on steel which foundered last
month is considered sufficiently
open to permit officials to strike
some form pf pact placing ceil-
ings on European steel exports
to the. UA market.

Such an arrangement, how-
over, would need to be con-
cluded in advance of the
mid-August deadline set by the
present U.S. procedures against
• allegedly subsidised EEC steel
shipments. Otherwise, the pre-
liminary countervailing duties
of up to 40 per emit that have
been imposed on some steel pro-
ducts from Britain, Belgium,
France and Italy would be liable
to become definitive.

The broad thrust of the EEC
negotiating team, which, wifi
probably be headed by Viscount
Etienne Davignon, the Industry
Commissioner, will else be ter
ensure that Steel tubes from
Europe should not be hit, too,
by further U.S. curbs.

Pressure from US. tube
makers has led to a parallel
subsidies probe being 'launched
against the Community's pro-
ducers. If concluded, (his could
increase the financial cost to
European industry of the US.
steel measures by up to one-
third again.

The U.S. action ns already ex-,
pec ted to cut L5xn tonnes off
total EEC steel exports in the .
third quarter of this year. This
would mean, that, in some cate-
gories, the bulk of Europe's
traditional UJS. sales will have
dried'up.

The undermining of the Com-
munity’s prices and production
steel regime by the U.S. mea-
sures was reviewed in Brussels
on Monday by the 12 largest
steel makers, grouped in the
Eurofer “ efub.” Fears' that the
system's price disciplines could
shortly be threatened is under-
stood to be accentuating the
Commission's concern that a
steel deal with the U.S. must
be concluded during July.-

Danish demand delays
bid for fisheries policy

BY LARRY HUNGER IN BRUSSELS , . . ^

THE j £uropeajr --Community’y ~ AH -delegations last night
cputinigng:effqits tp. establisljsa , indicated a willingness-, to^con-

comprehensive and durable
fisheries policy. yesterday
stumbled over a Danish demand
for a big increase in its share of
the proposed overall EEC catch.

As yesterday's Council of
Fisheries Ministers continued
into the night, the European
commission was still struggling
to prepare quota proposals

tinue talks If there was a chance
of a breakthrough.

But there was a growing feel-
ing that, even if the Commis-
sion succeeded in drafting new
proposals, -the Ministers might
have to postpone further nego-
tiation to study the details.

Denmark has not publicly
spelt out its full demands. But

which Denmark could accept as indications emerging from dis-

a basis for negotiation.

Provisional agreement has
■been struck between Britain
and its Comunity partners on
the broad outlines for con-
tinued limited access to UK
coastal waters, but Denmark's
demands have emerged as the
biggest obstacle

missions by the member-states'
technical experts lasting into
the early hours' of yesterday
were that the Danes are seeking
an extra 50,000 tons of prime
fish and a greater *' flexibility”
to adjust quotas , on a. yearly
basis once a common policy has
been established.'

Mitterrand
reveals his
Gaullist
streak

. By John Wyles in Bntssd*

• THERE IS more than a touch

* of de Gaulle about -President

-Francois Mitterrand's style

: and; a strong streak ef GanH-
Ism r ims through * his
-diplomacy.

Last week tn Madrid, he
appeared extremely unhappy
about the prospect of Spain
Joining the European Com-

* inanity. Was he ' vetoing
Spain’s application to join,
and ' by Implication that of
Portugal? Not at all, he told
"heads of government at the
summit which closed here
yesterday. France remained
politically committed to en-
largement but was extremely
'concerned about the problems
it would cause.

French concern thus be-
came the Community's con-
cern and! M Mitterrand has
secured agreement to moves
which will almost certainly
delay Spanish and Portuguese
membership, possibly for
years. The two countries had
. hoped to join on January 1,

1984.

This was beginning to look
- over-optimistic before H Mit-
terrand launched his tactical
assault It now looks virtually
impossible, although Italy,
.Britain, the Netherlands and
Denmark said yesterday they
•:hoped it would still be pos-
sible.

What happens next is that
the European Commission
-.-will conduct a-' ** diligent ”
examination of the problems

• associated with Spanish and
Portuguese membership. This
means that it must look at the
possible impact on the
common agricultural policy,

. the emerging fisheries policy,
the implications of free move-
ment of Spanish and Portu-
guese labour as well as at the
capacity of the EEC budget to
finance a Community of 12.

It is not clear whether
France wants to impose a long
pause, but it certainly wants
the opportunity to impose one.

The reasons appear to be
threefold:

• France seems increasingly
disappointed with the Com-
munity and keenly aware of

' the financial and political
problems which will flow
from 'enlargement How, they
are asking, . can the EEC
blithely ' accept two more
member states when it has not
sorted out how its activities
will, be financed once the
looming celling on its bnd-
. getary resources is readied.

• M Mitterrand has severe
domestic politic problems
with his own Mediterranean
farmers who are-an Important
source of left-wing votes but
who rightly fear the impact of
competition from Spain.

• Previous enlargements have
not been a happy experience
for the Community. Britain
.remains dissatisfied nearly 10
-years after ’joining and, within
12 months of its . arrival,
Greece has been trying to
renegotiate its terms. Paris
is loathe to contemplate a
future in which Spain and
Portugal could join the ranks

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Harder line means fewer lines to Moscow

BY ANTHONY ROBINSON IN MOSCOW

The WESTERN community in
the 1, Soviet ■ Union reacted
angrily yesterday as the news
spread, through • Moscow of
drastic cuts in the number of
telephone lines to Western
Europe and the U.S.

In Britain's case, lines from
the Soviet Union, are being
reduced from 46 to 14, and from
42 to 14 in the opposite
direction.

The . Sovtfet intention to cut
telephone links to the West by
more than 60 per cent from
July I had been passed on not
to governments but to the
various national telecommunica-

tions companies as essentially a
technical measure.

Lines will not be restored
until the end of 1984, following
major repair work, according to
the Soviet telecommunications
organisation. Some Western
diplomats have been told that
“staff shortages” were also to
blame, although it was not
specified whether these were in
telephone operators or those
employed monitoring calls. to
the West

Although lengthy closures for.
repair work are a prominent
feature of Soviet life, few
Western residents in Moscow

believe it is beyond the
resources of the Soviet Union to.
maintain its existing direct and
operalor-dfolied network with
the West The real reason' is
believed to be a desire to curb
telephone communications
between Soviet citizens and the
West.

Trunk .dialling was introduced
for the Moscow Olympics in
1980. Since -then, an increasing
number of citizens have main-
tained contacts by Telephone
with family and friends in the
West and vice-versa. Dissident
groups, including the recently
formed independent pence

movement, have also been able
to put .their views -across in this
way.

' The new restrictions run con-
trary to the spirit land letter
of the 1975 Helsinki. agreements
and Western diplomats suspect
that the decision reflects a
harder line by the KGB, under
Mr Vasily Fedorchuk, its new
head, on communications with
the West.

At the same time; however,
the Soviet passport office
granted 'an exit visa to Mr
Josef Klibitski, one' of the last
of seven hunger strikers who
fasted for weeks for the right

to emigrate to join their fami-
lies abroad. Only one hunger
striker is stil lawaiting pennis*
' sion to leave. He is Mr Segei
Petrov, a 25-year-old freelance
pbotograhper, with a wife in
the U.S., who joined a hunger
strike late and has now fasted
for 25 days.

The latest moves appear to
represent a two-pronged policy:
a more “ liberal M emigration
policy towards those determined
to give up -their Soviet citizen-
ship, coupled with less chance
of “corrupting” contacts with
the West for the vast majority
who stay behind.

Start makes
a cautious
opening

By Brij Khindaria in Geneva

CAUTION MARKED the open-
ing of the latest round of arms
reduction talks, between the
U.S. and the Soviet Union here,
with the U.S. chief negotiator
insisting that only a Western
arms build-up would keep Mos-
cow at the negotiating table.

General Edward Rowny met
Mr Viktor Karpov, his Soviet
counterpart, for about an hour
yesterday mainly to work out
procedures for the negotiations,
dubbed by President Ronald
Reagan as Start, the Strategic
Arms Reduction Talks.

The main event yesterday was
the patient hearing given by Mr
Karpov to a three-page letter
addressed to Gen Rowny by Mr
Reagan blaming the “massive
build-up of the Soviet Union’s
ballistic missiles force over the
past 15 years ,a for destabilising
the strategic relationship be-
tween the two super-powers.

Mr Karpov made no imme-
diate continent on the letter or
on the talks so far. But officials
made clear that Moscow is .wait-
ing to see whether Mr Alexander
Haig’s resignation as U.S. Sec-
retary of State will affect the
tone of U.S. positions in Geneva.

Sharp blow to Italy’s chances of
compromise on wage indexation

BY JAMES BUXTON IN ROME

THE Italian Government's
chances of reaching a compro-
mise between employers and
trade unions on the future of
the Scale Mobile wage indexa-'
tion system worsened sharply
yesterday.

Hours before it was to meet
Sig Giovanni SpadoHni, the
Prime Minister and. the three
main union leaders, Intersmd,
the organisation which repre-
sents the management of state-
run companies, decided to
abrogate Us 1975 agreement to
honour the wage system. It
thus followed in the steps of
Confindnstria, the private sector
employers* association.

The positions of the em-
ployers and the unions have
hardened following the impres-
sive display of union strength
in last Friday's one-day. general
strike.

Several smaller employers'
associations followed in Con-
iindnstria’s footsteps, saying
they will stop paying wage
rises in line with the Scala
mobile from next February
when the agreement expires.

.Mrs' Margaret Thatcher is
making a one-day visit to
Italy next Wednesday, for
talks with Sig Giovanni
Spadolini; the Prime Minister,
writes James Buxton in Rome.
It will provide an opportunity
to repair relations soured by
Italy's decision In May not to
renew the EEC sanctions
against Argentina during the
Falklands crisis.

- Britain may be expected to
convey its hurt feelings, but
both sides are likely to stress
the need for business as usual,
Sir Geoffrey Howe, .the Chan-
cellor of the Exchequer, and
Mr Francis Pym, the Foreign
Secretary will also attend. .

The Government had been
counting on Intersind. which
represents the employers in IRI,
ENI and other state industrial
companies, not to abrogate the
agreement. Earlier this month
Intersind apparently decided to
delay its decision for another
four months.

But on Monday night. Sig
Ettore Mass a cbs i, Inter sind’s
chairman, who is also head of
the state-owned company Alfa
Romeo, was obliged by his com-
mittee to abrogate the agree-
ment. He announced his resig-
nation yesterday, saying that
the policy he bad been pursuing
had not been approved by his
colleagues.

The Intersind decision was
greeted angrily by Sig Gianni
de Micbetis, the Minister respon-
sible for the state industrial sec-
tor, as a “serious obstacle to an
agreement” It is believed that
the Christian Democrat members
of Intersind’s board defeated
the Socialist Party representa-
tives on the issue.

The hardening of party
positions on the indexation issue
is mirrored by deepentog ten-
sions within the Government on
the composition of a new
economic package.

An agreement on the future
of wage indexation, which is
considered responsible for many
of Italy’s economic problems,
should be attainable.

Sweden shows
current

account deficit

STOCKHOLM — Sweden had a
current account deficit of SKr
3.351m (£306m) in the first

quarter of this year, compared
with SK r 2.743bn (£258m) In
the same quarter of 1981.
according to revised figures
from the central hank.

The deficit reflected a higher
outflow of interest and dividend
payments abroad, the bank said.
The balance of interest and
dividend payments showed a
deficit of SKr 3.7bn (£349m)
compared with SKr 2.1hn
(£l98m) in the first quarter of
1981 and SKr 3.4hn (£32Dm) in
the final quarter of last year.

The bank points out, however,
that Sweden's trade balance im-
proved to a SKr 543m (£51m)‘
first-quarter surplus, compared
to a SKr 296m (£28m) deficit
a year earlier and a SKr 1.063bn
f£100m) deficit in the last three
months of 19S1.

On the capital account, there
was a surplus of SKr 741m
f£70m), against a SKr 295m
(£25m) deficit a year ago. How-
ever. the surplus plunged
sharply from the SKr 4.171bn
(£393m) figure in the fourth
quarter of last year.

AP-DJ

The face ofWelsh industry has changed
dramatically in the past few years.

So, indeed, has the face of our workforce.

Because most of what we produce these
' days comes from above ground. — •

Rafherthan below it ... [

, ^ In feet, the high technology and

engineering industries now account for around
40% of our manufacturing employment

Which has to be a change for the better:

. 'Xes.there have been redundancies.

- But there have also been thousands of

jobs created by hundreds of companies new to J
Wales. .

Wdre host toa host ofhousehold names.

Like Sony. Whose chairman, Mr AMo
Marita, has, gone on record as saying that
' .productivity, aiid labour relations at his
k Bridgend pteiit are eveiy bit as good as back
home.

Small wonder then that Aiwa, National
Panasonic and GEC-Hitachi live "

THE FACTS ABOUT OUR WORKFORCE

IN BLACK AND WHITE.

practicallynextdaor

Our manpower makesFords horsepower •
too. Escort engines to be precise.

And there are no prizes for
where Control Data and BICC aiehas

Ofcourse,we’re delighted bythe arrival of
so many new faces.

Because together, theyre changing nrrre. ~

For more information about what Wales
has to offer your business call Ted Cleaveleyar
David Morgan onTreforest (044385) 2666. —

Or complete the coupoa

WELSH DEVELOPMENT AGENCY

Please teU .me how my baseness would benefit from a move to "Wales.

~ O factories available D \

v f .," ** * ' "

/

*

Financial Times 'Wednesday . June 30 19&_ ■

. ft t\v

■ry

AMERICAN NEWS

onovan may be
breed to resign

NEW. YORK — Mr Raymond
Donovan, the U.S. Labour SeCte:
taiy. may have to resi^i despite
a special- prosecutor’s- finding
that there was insufficient evi-
dence to indict him on charges
of links .to organised crime,
according to the head of the
Senate labour committee.

Orrin Hatch, committee chair-
man, a Republican, said that
despite Mondays report, “ It
would be difficult for anybody
to hang on to a Cabinet-level
position when nearly one-half
nf the Senate has asked him to
5>ep aside.*’

A White House spokesman
said President Reagan bad
phoned his Labour Secretary to
congratulate him. The Presi-
dent was said lo be extremely
pleased with the report, by spe-
cial prosecutor Leon Silverman,
which said there was insuffi-
cient evidence that Mr Donovan
had ties to organised crime.

Other White House officials
said the report was being care-
fully studied to see if Mr
Donovan had acted improperly.

Mr Silverman said he found

•insufficient -credible evidence”
that Mr Donovan was present at
a lunch in ■which .a $2,000
(£1,116) bribe was alleged to
have been" passed by an official
of Mr. Donovan's Schiavone
■Construction Company to a
union official

The report ala) found insuffi-
cient evidence that Mr Donovan
had given a bribe to a news*
paper union official.

At a Press conference at his
office in New York, Mr
Silverman refused repeatedly
to say whether his report gave
the Labour Secretary “ a clean
bill of health.”

“I found insufficient; credible
evidence of wrongdoing; If you
want to call that a clean bill of
health, that’s your business. . . .
I don't use words like that.”

Mr Silverman also said be
had asked the Federal Bureau
of Investigation '(FBI) to look
into .the murder this month of
Frank Fuxino, - a union' official
whose body was found after he
had testified to a special grand
jury on the Donovan case.
Reuter

Grenada agrees to end
row over power station

3Y DAVID TCMGE

THE GRENADA Government
lias agreed to pay £235.000 to
Britain's Commonwealth Deve-
lopment Corporation to end the
three-year-old dispute between
the two over the island's only
electricity, generating station.

The agreement, which should
remove a major irritant to
Sritish-Grenadan relations and
open the way to other aid to the
hard-pressed island, was an-

nounced by the CDC in London
yesterday.

The corporation is sellmg its
59 per cent shareholding in
Grenada Electric Services and
being compensated for interest
and outstanding loans.

The left-wing Government of
Mr Maurice Bishop, who seized
power three years ago. had long
alleged that the electricity
companv was working against
its interests.

Mortgages

could hit
home sales

. By Louise Kehoein 5an F r a n cbOft

A DECISION by the U.S.
Supreme Court regarding the
legality' of “due on sale”
clauses in mortgage contracts
is expected to have a major
impact on the UJL real estate
market.

The Supreme Court has
decided that federally-
chartered Savings and Loan
Associations-have the right to
force mortgage holders to pay
. oft their loans when- ft- home
'is sold. .

This aspect of mortgage
contracts had been challenged

• in 19 stales, and' in California
the state court had ruled that
it was not enforceable.

This has allowed home
sellers to on wfasng

mortgages— at. interest -rates
below current raids— to pur-
chasers.

In the currently depressed
real estate market, “assum-
able mortgages,” as they are
called, along with owner
financing of sales, have -be-
come the standard method of
home financing. Now, these
assumable mortgages will not
be available from federally-
chartered Savings and Loans.

• In California about 15 per
cent of the home loan issues
come from the federally char-
tered ins ti t uti ons. But many
are now expected to switch
their diallers and become
federal associations. ... .

- One effect may be to lower
Interest rates, real estate
agents hope. Bat if, as is now
anticipated, the Supreme
Court follows this derision
with a similar ruling applying
to the state registered savings
and loan associations, then
the impact on the U.S. real
estate market could be devas-
tating. . _ . .

Jim Rusk, in Ottawa, examines Canada’s interim budget

In search of lost confidence

IN A BID to restore business
confidence in a sagging economy
Mr Allan MacEaefcen, Canada’s
finance minister, in a hastily
prepared budget, eased, back
foreign investment review re-
quirements and offered a series
of concessions to investors. The
Foreign Investment Review
Agency (Fira), winch has come

■ under ■ heavy criticism recently
from a number . of foreign
governments — including tire
■UR and 'the U.S.— wffl have, its

■ wings clipped slightly.

' Canada remains committed fo
the goal of- Insuring that foretgn-
coptroMed companies . contribute
fully to the development of an
internationally competitive in-
dustrial structure in Canada.
Mr MacEabhen. said, however,
that efforts must be. made to
avoid red tape and extended
dekysiki the processing of Fira
applications.

The main pnfarfg in Canada's federal budget announced on
Monday.

• Budget deficit to rise to C$18.6bn In 1982-83 compared to
C$10.51in forecast last November and an estimated C$LL9hn
in 1981-82.

+ Government speeding to rise ' by C$2.6bn from C$7!L5m
estimated hi -November.

# Over 509,000 public sector workers’ pay rises to be; limited
to 6 per cent this year and 5 per cent next year, ' Private sector
to be encouraged to follow these' guidelines.

f Threshold Jor investment projects by foreign compan ies to
be reviewed under .foreign investment rules raised from C$2m
an d 10 0 employees to C$5m and .200 employ eo& .

9 CS2.3bn programme to create jobs and subsidise interest
rates for new. home buyers, small businesses and tike fishing and
farming industries.

m CanadianwaiSom of energy assets to be slowed .in.' next few
years to ease pressure on the balance of payments, but the
. target -of 50 per cent Canadian ownership by 1990 - remains.

to- the -key dements of the pro- which capita gains .Would not
posals. The Finance Minister i be taxed on that part of.the gain
Four significant changes ere' also : effectively acknowledged that only reflects inflation.

being made to Fira regulations
in an effort to speed up and
simplify - the processing of 1
applications. ' '

■ First, the threshold for review
under -small business proce-
dures, which -use a short form
and are theoretically completed
in three weeks, is raised from
C$2m (£900.900) of less in
assets and 100 employees, to 1
C$5m or less in assets and 200 ;
employees. -

Second, where control of a
foreignrcontrolled Canadian
company changes through the
takeover of its parent, the
threshold for the use of the
short procedure is C$15m or
less in assets and 600 em-
ployees. .

. Third, small business invest-
ments are only made subject to
.the full review procedure in the
exceptional circumstance that
the proposed Investment;
appears to raise important
policy questions for Canada.

Finally, for an application
requiring a full review, the
Agency’s procedures are to pro-
vide greater clarity about the
interpretation of the act, to
simplify its internal procedures
and to confine its examination

that the pace of takeovers of
foreign-owned oil and gas com-
panies under the controversial:
National Energy Programme
(NEP) has been far too fast
in the past year.

' The Government is not back-
ing away from the goal of 50
per cent Canadian .ownership

Mr MacEacihen did not change
the basic fiscal and. monetary
stance of the last budget, but
be announced that, the deepen-
ing recession has sharply
widened the budgetary deficit
and -has increased the Govern-
ment’s cash requirements. The
projected deficit for toe fiscal

of the energy industry by 1990 £ear that began April 1 is now

Hilt 44 wa Ha <nA.t haaiI otwT An - — hi

but, "we do not need, and do
not Intend, to press the pace of
Oanadianisation of ‘ foreign
energy holdings in the years
Immediately ahead,” Mr Mac-
Each en told toe Commons.

Mr . MacEachen also tabled

C$19.6bn, compared with
C$10.5bn predicted in Novem-
ber and C$125bn the previous
fiscal year.

Mr MacEachen argued that
Canada must become “ a

„ „ . „ tougher, more resilient society.

JEJ ■ The way out of recession is to

innovations in the tax. system
designed to reduce berth toe
taxation . of investment income
and interest rates to borrowers.
These, proposals will be re-
viewed by a blue chop
committee of businessmen
which will report by September
30. •

Among the changes to be
reviewed are suggestions for
a new form of term deposit in
which that part of the interest
that only reflects inflation
would not be. taxable, and new
plans for common share issues
of Canadian companies in

bring ‘ down Inflation and
increase productivity.” At an
annual rate of 11.8 per cent in
May, be said., inflation remains
too high and, while the
Government did not impose a
broad system of wage and price
controls as it did under similar
circumstances in 1975. Mr Mao-
Eacben put the lid on the
federal public sectors.

Over the next two years, wage
increases for 500,000 public
serva nts and employees, of
Crown Corporation, including
Members of Parliament and

Allan MacEachen > . . Canada
must become a tougher, more
resilient society.

Cabinet Ministers, will.. -be
limited to. 6 per cent toe first
year and 5.perceut toe second.
Ottawa is asking .toe private
sector to accept the same guide-
line voluntarily. .

Federal regulatory agencies
administering prices and public
transportation, communications
and foodstuffs, will also be
asked to adhere to toe 6 and 5
percent limits. Similarly, index-
ing of toe personal income tax
system, which has been fully
adjusted., against increases in
the .consumer price index since
1973 I :wfn.be limited to 6 per
cent in 1983 and 5 per cent in
1984.- . v ‘

. Oyerihe next two fiscal years
these measures, cowled with
other expenditure deferrals and
cuts,, will result in savings of
about €$3bn. The Finance Minis-
ter allocated CS2flbn of tins to
job creation, stimulation of the
housing - sector, assistance to
small businessmen, farmers and
fishermen' and reductions in tax.
The remainder is being held -in
reserve for next year's budget

• • ‘ • ... , -v. *: • • v -j&x S. i -. . . «./ = h./. *.y'x::y/£ -v * * •• ?- % -Wi4

Nothing is too much trouble

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Our special Express Service saves you precious time.

Whafs more, at Avis we especially welcome American Express

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Avis and the American Express Card
-together we try harder.

U.S. judge orders
release of Haitians

BY AMATOU KALETSKY IN WASHINGTON '

IN A RULING that could strain
US. relations with right wing
governments In Latin America,
a federal judge in Miami has
ordered toe U.S. Government to
release 1,910 Haitian refugees'
who were put into .detention
when they illegally entered the
country seeking political asylum
from toe regime of President
Jean-Claude' “Baby Doc”
Duvalier. .. .

Yesterday’s ruling follows
three months of highly pub-
licised and emotional litigation
between toe Justice Department
and civil rights organisations.
It may open the way to further
challenges against the Reagan
Administration’s distinction
between toe political repression
of left-wing regimes, such as
those in Poland. Nicaragua and
.Cuba, and the “ economic
repression” of right-wing
governments in Haiti, El Sal-
vador and Guatemala.

The Justice Department has
argued that the Haitians, many
of whom have been held in
makeshift detention- camps and
what the U.S. media have fre-
quently described as “ appal-
ling'' conditions, were free to
return at any time to their own
country. ’Kiey were, therefore,
not being illegally imprisoned,
according to the , U.S. Govern-
ment

Lawyers for the Haitians con-
tended toat many of them
would face political persecution
at home, but toe Justice Depart-
ment claimed that they were in
fact fleeing “economic" not
political repression. The U.S.
Government fears that accept-
ance of Haitian refugees could
open the floodgates to tens of
thousands of refugees from
other Latin American countries
which are in economic and
political turmoil.

Consensus

emerges

behind

'jimmy Boms jh Butow Aha

THE POSITION -Of general
Reynaldo RSgwme,^;Axgen.
tina's President-designate,' has
been strengthened foSowing a -

• series ot intense negotiations -
between the 7 \comitry’s >p

. military lesuleis.. -.

Reconciliation betw een .to e
three members of .the junta—
army chief Gen CristinoNieo-
laides: air foree chief fog
Gen BasiB© Laxoj Dozo; and
navy Chief Admiral Jorge
Anaya— was dose to mate-
rialising yesterday afternoon, -

- as they met to discuss toe
appointment of a civilian vice-
President

The creation of stub a post
was being widely seen in
Buenos Aires as a compromise
solution for the junta which

- is split deeply over the choice
;-«ff Gen : Bignone. Whfie the

- President designate has toe

- backing of ' Gen Nicolaldes,

' the navy and. air force chiefs

have polled 1 ont of govern-
ment because they favoured a
civilian ‘to replace the ousted
Gen Leopoldo Galtierf,

The new consensus which
has been forged within the
junta - fotioiirs a . successful
first meeting last week be-
tween Grit Bignone and the
leaders of the Argentina's
Opposition parties.

Representatives of the
five party groupings, the
Multipartidarla, emerged
from the talks reassured by
Gen Bignone’s commitment
to lifting the ban on potttieal
activity and : holding elec-
tions by 1984.

: While toe assumption of
power by Gen Bignone tomor-
row has been virtually
assured, Argentine politics
remain far from stable.

Within .the military,
divisions persist among
lower ranking officers who
have become extremely -eriti-
cal about the conduct of the
FaJklands campaign.

- The opposition parties,
meanwhile, are conditioning
their -acceptance of the new
Government .-on - Its future
policies, which are yet to be
d efi ned. There, were uncon-
firmed reports yesterday that
Gen Bignone had picked Snr
Jose Dagntno Pastore as the
new Economy Minister. ■

- Snr Pastore, who served
during the presidency oLGen
Juan Carlos Ongania (1966-
1970) has a reputation as a

>“ liberal ” free'; 'marketeer

• Three Britishr ■ journalists
who have been imprisoned in
Argen tin a fbr nearly -three
months bn spying' charges
arrived In Buenos Aires yes-
terday morning, after being
released bn bail from their
jail in Ushuaia in Patagonia.

Mr Simon Winchester, of
toe Sunday Times, -and Mr
Ian . : Mather and Mr Tony
Prime of. the Observer, were
arrested by navy personnel
near the air base of Bio
Grande, shortly after Argen-
tina’s invasion of toe Falk-
land Islands on April 2.

They are now awaiting per-
mission from the Argentine
authorities to leave toe
country after an Initial appli-
cation -to cross toe Southern
Argentine border into Chile
was refused by a local judge.

TH

COMPANBIA YALE DO MO DOCE

BRAZIL

DOUBLE SPRING WASHERS
CARAJAS IRON ORE PROJECT
NO. CA-012

CVHD — Companhia Vale Do Rio Doce. will purchase 4,040.000 Double
Spring 'Washers through international competitive bidding.

CVRD is applying for a loan from the International Bank for
Reconstruction and Development (World Bank), towards the cost of
Carajas Iron Ore Project and intends to apply the proceeds of this loan
to eligible payments under the contract for which this invitation to
bid is issued.

Participation in this bid is limited to suppliers established in all
member countries of the World Bank, as well as in Taiwan and
Switzerland,

The instructions, specifications and forms which comprise the bidding
documents will be available upon written request to the Purchasing
Manager, accompanied by a nan-refundable payment of US$ 100 (ONR
HUNDRED DOLLARS) or the equivalent in other currencies until
July 26, 1982, at the following address:

COMPANBOA VALE DO RIO DOCE — CVRD
SUPERINTENDENCE DE COMPRAS E MATERIAL — SUMAT

RUA SANTA LUZIA, S51-3I ANDAR

CEP 20030 — BIO DE JANEIRO — BJ : vl

BRASIL

TELEX: (021) 23205, (021) 21975

Sealed bids will be received at the above-mentioned address until .
August 31st 1982, at 2:00 pm, Rio de Janeiro limp' "

Each bid shall be accompanied by a bid bond for the amount of :
US$ 40,000 (FORTY THOUSAND DOLLARS) or the equivalent S
other currencies.

RIO DE JANEIRO, JUNE 30, 1982

PURCHASES AND MATERIAL SUPERINTENDENCY

—SUMAT: .

Ie5

anal
Dn
ie i
ittii:
H'S ;

: i?\

o

Bile

lies

pnf

aisi

kite

fee

tec

4e

k}\

, v:-

Con

erne

B?"

Or to be more exact.

small of the back, that
SO miles can begin to feel
like 500 miles if youre
sitting in an ordinary
car seat

So, as the driver of a
big Volvo clocks up 5000
miles a year more than
the average driver, weve
gone to great lengths to
ensure our seat is anything

Before we called in
the designers, for instance
we called in orthopaedic

u s on

needed to prevent

:.o

■

t*. ’ t

■ ■ ' . <<

i.nrj

Ifl]

motorway feel as comfortable as a drive
the block. ^

The result made a lot of other carm

* . i. * ! ’■ ■ M

urers sit up. y,

The Volvo car seat has a unique lum

drivers. (And naturally it
also goes far enough back
to accommodate tall ones.)

And when the temp-
erature outside falls below
14°C, it even goes from
cold to hot

(Well,Volvos are built
to survive thebitter winters

Of course,we wouldrit
expect you to choose a
Volvo on the quality of the

There’s much more to
see, a lot more to tell.

And your local Volvo
iari happy to give you the

There is no limit to

Tost Cod(

t

=d

\

6

Ml*

Financial Times W^(ine^^- J^ ^:4982

OVERSEAS NEWS

Reginald Dale, U.S. editor, in Washington, explains the Administration’s dilemma over' its attitude to Israel’s action

Televised corpses fail to toughen U.S. policy

THE AMERICAN people, and
the major television networks
most' of all; felt frustrated i at
being deprived of direct tiye
.coverage of the war in the
Falkland Islands, After Vietnam,
beamed into living rooms every
night, it did not seem like a
real war if it could not be gaped
at over' a TV dinner. .

The Israelis have made up for
aH that in the past few days.
Peak-time viewers have- had
their fill of aerial dogfights,
artillery fire, loud explosions
and death. Some of it is
censored by the Israelis, but the
networks let you know when
Jerusalem has objected to a
certain sequence.

What the Israelis don’t want
you to see' are the pictures of
. civilian casualties. It is arguable
whether censo;ship of these

shots, leaving the imagination
free to run wild, is productive
or not. but it is certainly tiue
that this is the most sensitive
issue in the formation of U.S.
opinion on the latest Middle

East war.

I • Basically, most. Americans
believe that the Israelis have
every right to seek and destroy
"the “terrorists";, who are
threatening . their homeland.
American's, on tlie whole, are
supporters of Israel, and they
don’t like terrorists. •'

Support' for Israel has
declined since the -initial stages
of the Invasion, but Jhe latest
opinion polls still show a major-
ity in favour of Israel’s action.
The same is true of the; letters
and telegrams that customarily
arrive at the White House,
apparently unsolicited.' on such
occasions.

There is little doubt, however,
that if support has fallen it. is
because of the civilian casual-
ties. .There is an increasing
feeling that the Israelis have
gone too far, however tmderr
stnndable their initial aims.
There is almost' certainly less
support -for Israel's fighting
methods than in -any previous
Middle East conflict. -

U.S. Government . policy
reflects a similar dilemma. The
.Administration privately' tends
to-, believe that the eradication
of. the Palestine Liberation
Organisation (PLO) from Leb-
anon is probably a good thing.

The question is -how far it
can be seen to be openly back-
ing Israel. Too much support
for -- Israel will -obviously
antagonise the moderate Arab
countries. notabiy'Saudi Arabia,
which are enraged' at Israel's
action.- .and undermine the
whole basis of President Ronald
Reagan's Middle East policy;
He wants the moderate Arabs
as his allies', against Soviet
expansionism...

•• There is another school of
thought, however, .which argues
that to withdraw support from
Israel will only -.prolong the
fighting. The Pl^O would be
-encouraged to continue to
resist, and the final outcome
.-would be more bloody and less,
in • line . with U.S. interests.
Everyone knows that Israel is

the U.S.'s ally, . and' the less
blood it. spills, the better- for
American attempts .to win other
friends in the region.

Mr Alexander Haig,* the
outgoing Secretary of State, was
an advocate of the u don’t
abandon Israel" theory.' Ee
saw Israel as a key strategic
ally and thought that a public
U.S. condemnation of Israel
would incite- the PLO and
reduce U.S. influence in Jeru-
salem. No Washington poli-
tician, either, can dismiss the
■power of the Jewish lobby, the
most- effective single political
pressure group in the U.S. •

The reasons for Mr Haig’s
resignation - are • complex and
various,, but one strand was -un-
doubtedly disagreement, with
the White House over -the
Middle East.- Mr Haig wanted
to fly to Jerusalem at" the
Israelis* invitation. The White
House said no. and started
giving instructions to Mr Philip
Habib, Mr Reagan's special

Mvhv nn the snnt urifhmit-

referring to Mr Haig first.. It
i continued, to make Middle East
pol icy . Without .’tonsuiting Mr
Haig; .‘by; leaking an alleged
“ Pledge" by r Mr Uenahem
Begin,:, the- Israeli Prime
Minister, not to send his forces
into Beirut.

Mr Reagan, Hke the public as.
a whole; had become increas-
ingly concerned at the growing
civilian' casualty list and at what
looked. Ike Mr Haig’s policy 'of
condoning it by declining - to.
condemn' Israel. It was widely
thought that the appointment- of
Mr George Shultz to replace Mr
Haig Would- signal a tougher
UJS. line against Israel.

Five days later, however. U.S.

. policy: still very similar to
: that advocated by the outgoing
.Secretary of -State, Israel has
not been publicly condemned,
only minimal pressure has been
put on Mr Begin and the XJ.S/s
main objective appeals to be to
prevent an invasion of west
Beirut by Israeli ground forces.
Israeli withdrawal from, the

Anthony McDermott looks back on three weeks in Beirut

If you heard the explosion,
you’ve probably survived

THE MOST immediate guide to
the level of tension in
beleaguered Beirut Ls the traffic.
If the streets are empty — and at
nightfall they are now almost
instantly deserted — rlien bomb-
ing and shelling, nr ihe fear of
it, cannot be far away. "

The strain is highest when the
shelis or bombs actually begin
to fall. There is no longer any
part of west Beirut which can be
considered safe. It is the risk of
a haphazard shell which pro-
vokes the greatest fear: like the
one recently which caused the
staff of the famed Commodore
Hotel to dose the coffee shop
with its plate-glass windows and
to start work on cleaning out the
air-raid shelter in Ihe garden.

The one consolation is that,
if you have heard the explosion,
you have probably survived. At
night the tension can be particu-
larly acute. When Israeli gun-
boats offshore launched
sustained bombardments last
week it was difficult to assess
initially whether the shells were
being fired at random or were
part of a planned pattern.

Even more random and care-
less of victims are the car
bombs, of which about eight
have exploded in the past week.
Only one. near the home of Mr
Sftafiq Wazzan, the Prime
Minister, was defused. No one
seems -to know who is respon-
sible for planting them,
although there -is no lack of
claims. They may be politically
motivated .or— as a friend sug-
cested after a restaurant in
Hamra Street was destroyed
recently — it may just have been
a question of not having paid
ihe right person the right

amount of protection.

An even more persistent part
of Beirut life is the bursts of
firing from automatic weapans.
The shooting often etarts with-
out apparent, pretext and can
reflect an excess of exuberance-
or just- frustration at being
stuck in a traffic jam.

A couple of. -.days" ago 'I war
.in the second '.ear. .of a four-
vehicle queue when someone
started hooting aggressively.
The front car waved us through.
The vehicle behind then let out
a volley of shots, presumably
because its driver considered
we were in bis way. The shots
were not aimed to kilt, but they,
came close enough to cause us
to puli up sharply, shaking.

It is . important to develop' a
quick-instinct for trouble.
Sudden movements or raised
voices are instant warnings —
such as when a red-capped
Syrian soldier' manning a road-
block from inside a house
suddenly leapt out the ground
flour window screaming, “I’ll
get you for that" and unleashed
several bursts of automatic fire,
at a block of fiats opposite.

It is even possible to view
some of those who are torment-
ing Beinit at their work. A five-
mile drive from the centre
takes you to Baabda.

Go down the. hiH. past the
parks of Israeli tanks, lorries
and jeeps, past the numerous
Hebrew signs to guide the
troops, and you will come to a
school ' now requisitioned by
Lebanon's latest occupier.
There, on Ihe second floor, is a
soldier armed with a map, a
radio and a formidable tele-
scope. His task has been to

direct Israeli artillery fire on
to . the Palestinian refugee
camps of 53®bra ; Shatila, Fak-
hani and'Biirj Brajneh in soulh-
■ west Brirat .

Under . better circum-
stances the view would be
" breathtaking as the coastal
jalain stretches off southwards
"to the .left past the airport,
while to the right lies the dense
. crowd of buildings which mark
west and east Beirut.

But ' the view has been
blemished by the constant
pounding of Israeli heavy guns,
which, after each shell burst
throw up huge towers of grey
smoke from the refugee camps.

As the smoke clears after
each pounding, the soldier
checks the effect through his
telescope and the process starts
again.

. TJsose Palestinian camps
which are his targets are
just one of the four
cities .-which' today com-
prise Beirut. The others ate the
traditional east-west divider
mainly Moslem in the west and
Maftraite Ghristian in the east
—and the latest arrivals, ’the
Lebanese refugees who have
been driven into the capital,
often not for -the first time; by
the fighting further south.

They are now an established
sight, campling oiit in the parks,
squatting in unattended flats and
occupying the entrance halls of
large buildings. There are no
less than six families camped
out in the entrance ball of the
building which houses Reuter,
the international news agency.

■The refugees, like the rest of
west Beirut, are extraordinarily

whole of the Lebanon .has be-
come a longer-term objective.

- It seems fairly clear '.that
Washington did not realise' how
far the Israelis .planned to go
when the invasion was -first:
launched. Mr -Baig- gave- the Im-
pression that fie thought tfie
Israeli forces 1 would stop more
,or less; 25 ; miles *bm: the
Lebanon . bonier after: -.having
established .a cordon ' sanitaire
to protect northern -Israel from
Palestinian rocket attacks.; and
infiltration-— and that that;- was
perfectly acceptable to Washing-
ton. <

The State Department now
says It supports; four goals, cur--'
rently under, discussion by Mr
Habib. These are:' an. end to
armed Palestinian, presence in.
and around Beirut, redeploy-
ment of the Lebanese army . in
and around Beirut, withdrawal
of Israeli forces from the area
around Beiruti and redeploy-
ment of all ..foreign forces
(meaning Syrian) from the
Beirut area;

It ls clear; also, that tfie.TJ&
still wants ’to see a stronger
central Lebanese. Government
and a Lebanese army that is in
. control of. the situation, and not
its hostage; It- would be .de*
lighted if a stronger Lebahfcse
Government could be. brought
-into. the Camp. David peace pro-
cess. Whatever- ihe nuances: of
difference between Mr Haig's
approach and tiiat 'Af fils riyalsr
in the Administration, there, is
■ a baste Empathy 'for Israel’s
objectives; if not its style; ; .

The worry remains over the
reaction of the Arab countries
. to what may seem - too soft' a
.policy in Washington. There is
little doubt that Washington has
the power to exert heavy pres-
sure on Mr Begin's government
if it chooses to do so. But the
unfortunate truth is; -that the
networks 'will have to -project a;
lot more. corpses into i a lot more
American ’ living ' rooms .'before
. there is much chance' of that
happening, v ' . .. '

Israeli invasion fuels
fear of breakdown in
relations mth Egypt

By Chariest; Smrtfi, v *
ftr East -Editor fit Ti

BY DAVID LENNON IN TEL AVIV

Beleaguered Beirut: No street is safe from bomb**

sensitive to changing tensions.
There was a brief moment when
the refuse trucks resumed l heir
rounds, suggesting that a degree
of normality might be return-
ing.

Meanwhile Beirut waits. To
see whether the hopefully

named National Salvation Coun-
cil will come up with a pan-
Lehanese political formula,
whether the U.S. after Haig
will change its policy but, most
fearfully of all, to see whether
Israel will give the go-ahead for
its troops to storm the dty. .

ISRAEL’S RELATIONS with
-Egypt are coming under
increasing strain because of the
war in Lebanon, and especially
because of Israel’s determina-
tion to - force a humiliating
surrender on the Palestinian
leadership In Beirut.

If the surrender cannot be
achieved by diplomatic means,
and Israel actually launches an
attack against the - Palestine
Liberation Organisation (PLO)
Forces in the Lebanese capital,
relations with the only -Arab
state to make peace with Israel
wm be “ damaged completely,"
according to Egyptian diplo-
mats in Tel Aviv.

Discussion on normalisation
of relations between the two
countries have already been
suspended because of the inva-
sion, and officials in Jerusalem
fear that a continuation of the
current situation' - criuld lead
Egypt to empty the. peace agree-
ment between the two countries
of any content.

All that would remain would
be a non-belligerency pact and
an Egyptian embassy in Tel
Aviv, while Israel's efforts to
strengthen the, peace agreement
by broadening economic, cul-
tural and social ties would run
up against a blank, wait

The deterioration in relations'
between Jerusalem and Cairo
has already been" reflected In
the Egyptian Press, which has
taken to attacking Israel as
fiercely as it did before the
peace agreement . was signed
three years ago. Israeli officials
note that Egyptian papers have
once again taken to referring

to Israel as " the enemy," and
. to Iraeiis _as.“ bloodthirsty."' .

: Israeli officials who deal with
. relations with- Egypt are aware
that President Hetsni Mubarak
and the leadership in Gairo'feei
that (heir hands are tied by the
l*ace ■ agrement,u and ■ that., this
is, preventing Them from-play-
Ing 'tiie key role in the Lebau-
. , ese crisis which they feel .their
.place;, as" leader 'fef^ the, Arab
worid would demand,-.

: The. -resulting frustration
might lead to.-a diSMKtegratioh
oftiie delicate wd> of relations
which has been woven between
Egypt and Israel . over tiie >;past
fqw-yeajs, and offibtafc fear $bat
relations couId''s&& to a Tower
level "than before the 1077 peace
initiative of tfie fete- President’
Anwar Sadat 7

Egyptian .diplomats .in Tei
Aviv have . been;. quoted, a? say-
- ing that there is lot of biUer-.
ness " in Egypt among the com-
mon people and intellectuals.
; because of 1 the' Israeli - opera-'
tien. '

' Officials in Jerusalem are also
concerned about Cairo’s clear
■ disillusionment with .Washing-
ton’s inability or unwillingness
to change its pro-Israeli stance
on the Lebanese crisis. They
fear that this-; - will reduce
America’s power to persuade
Egypt to soften its; stance on
the long-stalled negotiations on
autonomy for the Palestinians

They still hope that if the
siege of Beirut is resolved
diplomatically, then Egypt’s
broader self interest in. main-
taining the peace treaty with
Israel will reassert itself

NEW ISSUE

This announcement appears as a matter of record only

A SHV

SHV Holdings N.Y

Sint Maarten, Netherlands Antilles

. DM 100,000,000
9% Bearer Bonds of 1982/1990

Issue Price: 99 -)!s 9 b

June 21,1982

S. African payments deficit rises

COMMERZBANK

AUiengciclachalt

JOHANNESBURG — The cur-
rent account deficit on South
[J Africa’s balance of payments
reached a record R6.7bn
(£3.4bn) on a seasonally
adjusted, annualised basis, in
the first quarter of 1982. accord-
ing to the Reserve Bank's June
quarterly bulletin.

The deficit, totalled R3.947bn
for 1981, and R1.266bn in the
first quarter of last year on an
annualised basis.

-Capital account figures in the
quarterlv bulletin point to a
record R672ra inflow of long-
term foreign capital between
January and March this year,
up from R357m during the
whole of 1931.

However, the Jonrr-ierra inflow
was almost neutralised by the
drain of short-term capital
totalling compared with

i Tt755ra inflow in 1081.

The hank said South Africa's
gold and foreign exchange re-

An oil pumping station
near Vryheid in' Natal' prov-
ince was badly' damaged by
an explosion last night and
sabotage- was ' suspected,

• police said yesterday. Reuter
reports from Johannesburg.

serves, net of short-term
balance of payments loans, fell
by RlJ54bn in the first quarter,
following a drop of R2.835bn
last year. . .

Although the volume of im-
ports declined during the 'first
quarter, import values rose to
a seasonally adjusted, annual-
ised level of R19.S10bn, up
from R19.354bn in the last
quarter of 1981.

The value of gold output
plunged to a seasonally-
adjusted annualised level of
R6.97ffl>n in the first quarter,
against R8.866bn in the previous
three months. Other export

earnings fell from R10.755bn to
R9.430bn. -

Gross domestic product stag-
nated in real terms in the first
quarter of 1982, after posting
a fractional increase in the. final
quarter of 1981.

Industrial production did not
increase, while the real value
added by the wholesale and
retail trade declined. There
were “moderate" increases in
the output of the transport and
financial sectors.

The substantial rise -in real,
domestic expediture was entirely
due to higher investment in
capital stock and inventories.
Government and private con-
sumption spending declined In
real terms during the first
quarter.

The broadly defined money
supply surged by 41 per cent in
the first quarter at a seasonally
adjusted annual rate,

AP-DJ

AMRO INTERNATIONAL

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DRESDNERBANK

AkUepgttMlIs-duiE

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KREDIETBANK INTERNATIONAL GROUP UNION BANK OF SWITZERLAND (SECURITIES)

limiicii

Baghdad withdrawal
untrue, says Iran

Algemene Bank Nederland N.VC
Julius Baer International Limited
Banco di Roma per la Svizzera S A. . . .
Bank fiirGemeinwirtschaft
Aktiengeseflschaft
Bank Leu International Lid.

Bank Mecs & Hope NV
Banque Generate du Luxembourg S A
Banque de i'lndochine et de Suez
Banque de Paris et des Pays-Bas
Banque de Paris et des Pays-Bas
(Suisse) S A

Banque PopulaireSuissc S A Luxembourg
Baring Brothers & Co* Limited
Bayerischc Hvpolheken- und Wechsd-Bank
Aktiengesellschaft
Baycrische Landcsbank Girozentrale
Bayerischc Vcreinsbank Aktiengesellschaft
Joh. Berenberg, Gossler & Co.

Berliner Bank Aktiengesellschaft '

Berliner Handels- und Frankfurter Bank
C1BC Limited

Commerzbank International S A
Commerzbank iSouth East Asia)' lid.

Credila n sta H-B.m kverein
County Bank Limited
Dahva Europe Limited

Richard Daus & Co. Bankiers
vormals Hans W Petersen

Delbruck&Co.

Deutsche Bank Aktiengesellschaft
DG Bank Deutsche Genossenschaftsbank
Deutsche Girozentrale
- Deutsche Kommunalbank-
Dominion Securities Ames Limited
Eflectenbank-Warburg Aktiengesellschaft
Europariners Bank Nederland NX
Euro Partners Securities Corporation
European Banking Company Limited
Girozentrale und Bank der dsterretchischen
Sparkassen Aktiengesellschaft
Gnoupement des Banqmers P rives
Genevois .

Georg Hauck & Sohn Bankiers
Kommanditgesellschaft auf Aktien
Hessische landesbank - Girozentrale -

Hill Samuel & Co. Limited

Industriebank von Japan (Deutschland)
Aktiengesellschaft
KJeirrwort, Benson Limited.

Krcdielbank S A. Luxembourgeoise
Lazard FreresetCie
Lloyds Bank International Limited
UCB International limited

Manufacturers Hanover Limited
Merck, Finck & Co.

Merrill Lynch International & Co.

B. Metzler seeL Sohn & Co.

Samuel Montagu & Co. Limited

Morgan Stanley International

National Bank of Abu Dhabi

The Nikfco Securities Co., (Europe) Ltd.

Norddetitsche Landcsbank Girozentrale

Nordic Bank PLC

SaL Oppenhetm }n & Ge.

Pierson, Held ring & Pierson Nit
Rabobank Nederland
N.M. Rothschild & Sons Limited
J. Heniy Schroder Wagg & Co. Limited
Skandinaviska Enskilda Banken
Svenska Handelsbanken
Trinkaus & Burkhardt
Yerband Schweirerisdwar

' Kantemalbanken

Ycrems- und Westbanfc Aktiengeseflschaft
J.VbntobcI&Co.

M.M. Wa rburg-Brinckmann Wilts & Co.
S. G. Warburg & Co. Ltd.

Wcstdcutschc Landesbank Girozentrale
Westfalcnbank Aktiengcsellsdult
Yamaichi I ntemational (Europe) Limited

BY OUR FOREIGN STAFF

IRAQ'S ATTEMPTS to dis-
engage iLseif fioni the Gulf war
with Iran ran into further
trouble yesterday when Tehran
dismissed Iraqi claims to have
withdrawn the last of Us forces
j from occupied Iranian territory
as “untrue.”

. Baghdad's claim, which
closely followed a sweeping
Government reshuffle and a cut
in the size of its ruling
Revolutionary Command

Council, followed a pledge nine
j days ago to withdraw in an
‘ effort by President Saddam
Hussein of Iraq to bring the
victorious Iranians to the
negotiating table. .'

Soon after the Iraqi, with-
drawal- was. announced,'' how-
ever; Hojatolcslam - Hasheml
Rafsnrrjani, .Speaker of the
Majlis (Iran's parliament) and
a member of Iran's Supreme
Defence -Council., told Tehran.
• Radio: " They (the Iraqis) are
telling Hcs. The situation is the
same-and border areas in the
west are still in the hands of

Iraqis."

The Iraqi statement yester-

day said the country's array was
now on full alert on the border,
and warned Iran against open-
ing fire on Iraqi units or
threatening Iraqi territory.

"Iraqi forces are fully pre-
pared to teach them a cruel
lesson if they continue in their
error and try to detract from
Iraq’s sovereignty," the state-
ment added.

The Iraqi withdrawal restored
to Iran the border towns of
Qaar-e-Shirin, - Mahran and :
Sumar. as well as thin slices of
the .western Iranian provinces
of Kenuanshnhan and Ham.

It 'fallowed' a series of suc-
cessful Iranian offensives and
intensive efforts by Baghdad to
extract Itself from a military
stalemate.

-President Saddam Hussein,
announcing the withdrawal ear-
lier thLs month, said the move
would neutralise Iran’s excuse
for continuing the. war- 1 and
would- win Iraq international-
support.

. But Iran has said the with-
drawal, which is coupled with

'.THE DOLLAH tftloe
V Japan's foreign trade ten-
traded 'Jh«ip|y''. , ‘fi.':-3|fc 5
although the country qj&.
tinned to earn a substantial
visible surplus, the ; Finance
Ministry revealed yesterday^.

Exports fell 6.3 per cent
from year-ago ' levels "fo
$LL4bri m&m) while. Im-
ports were down 1 L 1 p£ r
cent at ; The. esprit-

figure was the lowest for aiiy
month since November 1980

: except, for the hoOday' mbnfr
of., January In' which exports
alWays run well below nor-
mal levels. - r

' The: decline in exports, re-
fleets ^oor demand fir
Japanese products I? a nmh.
her’ of major overteas mar-
v kete^indndfng the' European
Community, South Korea arid
. Taiwan,, where tiie Goverri-
:merit aeted early; this year to
vhan the: import of .1,500 pro.
ducts- from Japan.-
SSales to the EEC have be^n

- hit partly by tbe growing w^b

of voluntary restraint agree-
ments " '.

Within. Europe there were
particularly slurp falls' dtir-
: ing May in Japan’s exports
to the- UK (down 33.2 per
cent in dollar -terms, from
-■yeaf >ago ! -levelsV- . -and - to
'' France (down 31-8 per cent).
-'Sales to the Community as a

- whole were- down -27.4 per

cent from tbe previous year’s
Ievet '*-v- : ; ! . : . -

The sharp fall in : Japau-’s

imports Which occurted in
: DUiy. reflects tbe low levels- bf
domestic economic ' activity
that have reduced, demand for
basic raw -materials. Such ?s

- 'wes and erode oO. • T
■f. Japan's imports .of inanri-

factuted products - held rip
relatively well *

_ -In the -first half of Juqe
both , .Imports and exports
! appear to have declined even
more- ; rapidly ; than; - In May,
Judging j Jby preliminary
figures for .trade on .a- customs
'clearance . basis which wete
; simultaneously "issued by tQe
'Ministry of Finance. '

.Tbe'.-' , customs : clearance
; figures show ImpoTte' -rurinirig
-more than; i^-per ceilt-beluw
their-figures a year .ago thfr-
ing the first half of the month
and Imports down by IB per
cent..; : ;-7 ' - '•' -

Yen ; denominated ' figures
for ‘ Japan's exports and
Imports 'daring May and early
Jime^sfeow smaller declines
' than oSher dollar figures
.—reflecting the fact that the
.• yen has. depredated sharply
against the dollar during tfie
last year. In yeri terms exports
were down.5.7 per cent daring
the -first half June while
imports showed a decline of
1L6 per cent. ‘

Apart from a sharp contrac-
tion in visible traded the main
May balance of payments
figures reveal 1 a S400m
increase _ in : tfie counties
invisible payments deficit
(most of which appears to
have been due to season&l
'factors),... The increased
invisibles deficit almost can-
celled out the surplus oil
visible trade, leaving Japqn
with a current account surplus
of $7 Gul -

-Japan’s long-term capital
account was In deficit hy
S567m during May — a substan-
tial. Improvement from tbe
previous month. The better
figures reflected foreign pur-
chases of Japanese bonds dur-
ing the month.

|JW.

Wristwatch
radio plan ,

TOKYO — The Sanyo Electric
Company will next mouth
introduce to the American
market a radio small enough
to be carried on its-llstener’s
wrist and versatile enough tb
double as a watch, a spokes-
man said yesterday.

The AM radio, which incor-
porates integrated circuit
technology and it briilt into k
digital wateli, goes on sale

from late July and will be
marketed, later In Japan p
U& sales are promising, .he
said. . ’ i *

Sanyo plans to .produce
10,000 radio-watches monthly
in Bong Kong through Ifc
Joint venture;.. Sanyo; Time
Bong Kong Ltd. ^ -;

Zt formed the j oirir venture:
after a Bring Kong company
.last yeaf* introduced in Japan
a radio-watch at a coat’ of
about £100, he said. Tbe
Sanyo product will reiafi fnr
about £32. . •

AP

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Hr JSafsanjanJ .. . . “Iraq is
telling lies?*

a unilateral Iraqi decision riot
to shoot first does not fulfil all
its conditions for a political
settlement

Tehran Is demanding billions
of dollars in war reparations,
the punishment of the "aggres-
sor" arid, the repatriation, of
thousands of Iraqi dissidents

Financial Times Wednesday June 30 19S2

WORLD TRADE NEWS

Australia and U.S.
sign agreement
on anti-trust laws

BY PAUL CHEESER1GHT WORLD TRADE EDITOR

AUSTRALIA AND the- U.S.
yesterday signed an agreement
designed to reduce disputes
over the application outside
the U.S. of its anti-trust laws.

. The agreement was signed in
'Washington by Senator Peter
‘\Durack, the .Australian
'Attorney-General. and Mr
'■ William French Smith, his U.S.
counterpart. Senator Durack
^described it as “ a landmark
,. The two countries have
( ,devised a system of consulta-
tion which it is hoped will case
..frictions caused by the clash of
different legal systems. The
.‘.clash has meant that Australian
.'.companies obeying their
fdomestic laws might be in
; breach of U.S. law.

Problems, notably In the
uranium and shipping indus-
tries, have arisen because of
1 the U.S. claim to apply its anti-
./trust law to any action having
!an effect on U.S. commerce.
-.Vigorous Australian resistance
/to U.S. claims has led in the
. past to political dispute.

» Difficulties have arisen
.because of private anti-trust
actions, most strikingly when,
.in the 1970s, Westinghonse
-Electric brought hillion-dollar
suits against international
mining companies for alleged
^involvement in a uranium
’ cartel. These companies

included CKA, Pancontinental
Mining and Mary Kathleen
Uranium of Australia.

Under the new agreement,
where private addons are
brought by U.S. companies and
involve Australia, the U.S.
Justice Department has under-
taken .to inform U.S. courts of
the result of the consultations.
Thus the judge jn the case
would be informed if it was
agreed the U.S. had no claim
to jurisdiction.

Australia has also received
assurances that information
provided to the Justice Depart-
ment will remain confidential.
At the same time, Australia
has agreed to interpret more
narrowly laws passed with the
aim of blocking U.S. claims to
jurisdiction.

Like the UK and other Euro-
pean and Commonwealth coun-
tries. Australia has passed laws
to prohibit in certain cases the
grant of assistance to U.S.
courts by Australian citizens.

The agreement was first con-
sidered in 19S0 in the imme-
diate aftermath of the West-
inghouse action. Its signing
yesterday indicates a drop in
the political temperature over
anti-trust although : inter-
nationally problems remain in
others of U.S. claims to enforce
laws outside ils borders.

Rees steps up pressure
for U.S. policy changes

BY OUR WORLD TRADE EDITOR

/EUROPEAN PRESSURE for
' changes in key aspects of U.S.
‘trade policy Increases today
/when Mr Peter Rees, the
Minister for Trade, starts a
series of meetings with senior
Reagan Administration officials
'•and congressional leaders in
Washington.

Mr Rees has four' main con-
cerns:

' • The imposition of provisional
'countervailing duties by the
U.S. on European steel imports
'which, in the case or British
Steel with a 40 per cent dirty,

/ is seen as shutting the market; ■

*• The extension of sanctions
..by the U.S. to cover technology
-and the activities of U.S. sub-
sidiaries engaged on / the
Siberia-West Europe gas pipe-
■line — a move seen as an
■'unwarranted interference in the
economic policy of others;

•••# The legal definition of the
..nationality of a company, a
matter which has assumed no)
.major immediate importance da
r because of the U.S. pipeline >
.action:

• Preparations for the minis- on
-.ferial conference of the General wil
Agreement on Tariffs and ag;
■Trade, planned for November tia
lin Geneva — a process which is in\
thought to be hampered by the l
"latest U.S. moves on steel and foi
.the pipeline. U.S

./ Mr Rees will seek in the mi;
Department of Commerce to per- for
-suade officials that their wil
/methodology in assessing the (
/extent of subsidies given to dm
./European steel companies was tha
.invalid.

. The U.S. has in effect sought am
,to add up all public funds pro- tra
vided for steel companies and tin
/call the total a subsidy, regard- bai
less of whether the funds have vie
been used for restructuring or libi

Sir Peter Rees

not, and base the countervailing
duty on the total.

But there is little likelihood
that the U.S. will change tack
on such technical grounds. This
will lead Mr Rees to explore
again the possibility of a nego-
tiated settlement, presumably
involving import quotas.

Unless such a settlement is
forthcoming, it seems likely that
U.S. aspirations to use 'the Gatt
ministerial as a launching pad
for further trade liberalisation
will be blocked by the EEC.

Opinion is hardening in Lon-
don, and elsewhere in the EEC,
that the U.S. cannot expect to
pose barriers to the steel trade
and interfere with Comecon
trade and expect at the same
time a great readiness to em-
bark on programmes for ser-
vices and high technology trade
liberalisation.

Japan, Canada may turn
to Gatt over car imports

BY RICHARD C. HANSON IN TOKYO

JAPAN and Canada are both
threatening to turn to the
Geneva-based General Agree-
ment on Tariffs and Trade
'fGatt) to resolve their worsen-
ing trade relations over car im-
ports.

The seriousness of the dis-
ipute was revealed yesterday
when Mr Shintaro Abe, tbe
Japanese Trade Minister,
claimed that Canada was violat-
ing Gatt rules by delaying the
-disembarkation of Japanese
icars at the West Coast port of
"Vancouver.

' But Canada has hinted it also
jnay invoke the Gatt “ safe-
guard" clause against exces-
sive imports if Japan does not
agree to lower its car shipments
this year below the ceiling
/agreed last year by the two
’countries.

" Canada wants Japanese car
imports held at 146,000 units.

well below the 174,000-unit
guideline given by Tokyo to
Japanese manufacturers last
year. The Canadians are citing
the weak state of their economy
as justification for the cut.

Japan's position is that
exports he allowed at the same
volume this year. Talks on the
subject were held at the Mini-
sterial level during the Ver-
sailles economic summit. The
two sides failed to reach an
agreement

Japan last year agreed to
limit its exports for the calendar ,
year 1081 to a rise of 10 per
cent- On a Japanese fiscal year
basis — April 1 to March 31-
Japan’s shipments to Canada for i
the year fell below the previous
year's volume (to 174.000 from
216.000) but Japanese pro-
ducers still have captured about
a quarter of rbe Canadian
market.

India decides to cut
imports of fertilisers

— ■ BY K, K. SHARMA IN NEW DELHI

THE INDIAN GOVERNMENT
has decided to cut imports of
fertilisers following a build-up
of inventories as demand from
farmers continues to show a
? «harp decline.

‘i Fertiliser imports are one of
main reasons for India's
i3arge annual trade deficit, of
•/over Rs 57bn (£3.5bn).

The Government had planned
Vtij import 5.25m tonnes of
i fertilisers, mainly urea, this
?!k-ear. but this is to be reduced
’.to about 3m tonnes, leading to
■ a saving of nearly Rs 3bn in
jjoreign exchange.

1* The larger quantity of

imports was planned following
the rise m fertiliser consump-
tion by fi per cent in 1381 over
the previous year.

• The Airport Authority of
India, a Government-owned
company, ha-, been asked to
design and build airports at
Batna and Setif in Algeria at a
total cost of about $100m
(£555m).

The company and Enema, the
Algerian authority handling air-
ports, have signed a memo-
randum of understanding on
the contract, the biggest to be
won by the Airport Authority
of India abroad.

UK whisky
exports to
Venezuela
face threat

By Kim Fuad m Caracas

THE UK's one million case-
per-year exports of Scotch to
Venezuela wil] be sharply
affected by a lax reform bill
which is aimed at generating
over SI 60m (£85L8m) in addi-
tional revenues.

The tax reform bill — now
before Congress — calls for a
15 lo 30 per cent sales tax on
imported alcoholic beverages.
It would replace the previous
taxation system based on
alcoholic content rather than
the price itself.

With a bottle of Scotch
averaging about S22JM), a
15 per cent sales tax Is
expected to further depress
Scotch sales In Venezuela.

As one of* the world’s top

c whisky consumers,
Venezuela imported 1.8m
cases in 1980. Buf last year
imports fell to around 1 - 2 in
cases, reflecting the economic
recessions affecting the South
American oil producer.

The new tax system is part
of a larger package aimed at
giving the administration of
President Luis Herrera Cam-
pins funds to finance a food
stamp programme. It wonld
benefit about one quarter of
Venezuela’s 16.5ra popula-
tion which has a monthly per
capita Income of $350 or less.

S. Africa concern over

BY JOHN STEWART IN CAPE TOWN

THE ' INFLUENTIAL €*pe
wine lobby is exerting strong
pressure on the South African
Government to check the
domestic market penetration of
imported Scotch whisky. South
Africa is the world's ngth
largest importer of Scotch
whisky.

The retail value of whisky
sales in South Africa is in
excess of R2t»m (£105.2ra) a
year with consumption running
at an annualised 19.2m litres.
In the last two years the con-
sumption of whisky has been
growing at the .rate of nearly
20 per cent, reflecting the steep
rise in personal disposable
incomes during the recent
economic boom.

Sales of Cape brandy, on the
other hand, have been growing
at a much slower rate, an
average of about 5 per cent
since 1980. Current consump-
tion is about 39m litres a year

This means that whisky sales
are nearly 50 per cent of
b ra n d y, compared with 9 per
cent in 1947. the year in which
South Africa submitted to a
Gatt binding with an undertak-
ing not to raise external tariffs
against Scotch whisky. As a
quid pro quo. South African
wine and spirit exports entered
Britain at preferential rates of
duty in terms of the Ottawa
agreement.

At the rommen cement of the
Gatt binding Cape brandy had a
tax-paid price advantage of 270
per cent over imported whisky.
Because of periodic excise

duty increases, including one
of 22 per cent last year. Cape
brandy's tax-paid price advan-
tage has' been whittled- down •
to about 30 per cent. Wine
growers complain that the tax
component of a . bottle of
brandy is more than 50 per
cent of its wholesale price.;

In addition to dwindling
brandy /scotch sales ratios.
South Africa's 6,000 wine
growers fear that sales of wine
spirit may suffer increased
competition from cane spirit, a
neutral -spirit, derived .from
molasses. Sales of cane spirit
arc r unning at an annual 29.7m
litres and. combined with the
scotch • " threat,” . . matching
brandy sales.

There are compelling
economic reasons why- wine
growers seek to increase dis-
posals of wine spirit at the
expense of other spirits. •

The 1982 wine crop at 856m
litres is the fourth successive
bumper harvest. The portion of
the crop sold dtrring this period
as table wine and fortified wine
has consistently fallen below 50 .
per cent of the total wine crop,
while the portion consigned to
the distilling wfrie pool ha stub
as high as 56 per oeilt of the
crop

For the good wine or pot-
able wine portion of the crop
growers are. paid 3647 'cents a
litre. •

For the distilling, wine portion
they are paid .an advance price
of 19.06 cents a litre, with a
further 8 cents a litre to follow

when the “surplus” -portion of
the distilling wine crop is finally
disposed of. Payment of the
deferred portion of the distil Hag
.wine price could be held up for
12 month or more, depending on
'the size of the excess and the
rate of disposal bn .forfeigg,
.marketed .

It is; therefore, -clearly in the
farmer*’- interests that sale®, of
liquor derived from the grape .

The retail value of ,
whisky, sales- in South
Africa is in excess of
R200m (£105 ,2m) a
year with consumption
running at an
annualised 19.2m litres

are maintained at the highest
possible levels. Since 1979, when
the central controlling co-opera-
tive. KWV, obtained 5ft per cent
in the company that controls ■
Cape Wine " and Distillers '
(CWD). Which in turn has 85
per cent of the South African
wine and spirits market, wine
farmers have, asserted . strong- *
influence in the distilling busb:

In the manufacture of gm
vodka and .liqueurs, producing-,
merchants may use a. neutral V.
spirit derived either from wind‘d
nr from molasses, both sell at
the - same tax-paid price even
though cane-nSpifJt. a chemical,
by-product, is five times cheaper
to produce than wine spirit.
Since 1980. however, the use of

wine spirit faas dotibled. possibly
because of the influence of wine
producers on the board of. CWD.
the country’s largest manu-
facturer' of gin, vodka hnd
'liqueurs. - .

Imported . whlslcy is, - there*
fore, a thorn in tie flesh of the
■wTBe- lobby because it has .cap-
tured a portion of the spirits
market that*cot»ld be served, by
liquor derived from the grape.

The rhetoric against imported
whisky has become increasingly
militant. It is- argued that the
1947 Gatt binding ho longer
holds good because Britain, by
entering Europe in' 1973 -with-
out negotiating compensatory-
arrangements for South African
wine, and Spirit exports- to : re-
place imperial' ' . preference,
abrogated the undertaking/-
> Just as sharply increased
common external tariffs against
Souths- Africa have- nuHtated.
against its UK exports, ja-higher
import rtfuty ion scotch whisky
•Would'' hot fee out of p?5ce
because it would' be .in the xn-
■ — - of -V domfi$tie<“ -liquor
urerfc. . ■ ■ ’ $ra-V|

'It; is ^uhintely; : JioweveK;that
the^Sdfith Afric^' Government

crude' is

which lay

by vphunfe.
of

iinats^oji

impurities

lower alcohol content and, as.
this affects most of the malt
...whiskies — around 90 -.per cent
of them— they have largely
been excluded from the South
African market.

Last year, however, the South
African Department of Customs
. and Excise prepared, the ground
for a more subtle onslaught on
whisky— seemingly wiroout
directly going in breach -of the
Gatt bidding.

It did so by amending the
i‘ basis -on which wine spirit used
in the manufacture of brandy
; Is taxed; .

• Under tire old dispensation,
the government allowed brandy
. distillers, a rebate on the 30 per
■ cent portion of _a bottle of
brandy that comprised pqt-
1 stilled, wine spirit laid down in
oak for three years. This was
■ to. compensate producers for
• -the cost of -maturation. - .

The extent of the rebate was
- ^.governed.- however, by the 1947
Gatt binding. In terms of the
new arrangement a rebate of
•• .-,54£C a :litre (absolute
vgicohol) is allowed -on all com-
portents of the brandy blend.
This comprises not less than 30
p^t- . cent, matured pot-still
feritndy and not more than 70
pgr^ceru wine spirit or grape
4>Irit t

VBy- broadening the; base of
fi&e Tebater-an increase of
t which can - be made

'/.administratively— the tax-paid
manufactured, cost of brandy
be reduemivto the level at
.which it cbtdd ' lure scotch

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Financial .Junes- Wednesday; : ^Un&:^^iS^, '

TRADE DEVELOPMENT HNANOAL SERVICES N.V.

CUBACAOfNA) -

IJSS 43,000,000 Guaranteed Hoaritig Rare Notes eke 1986

In acxotclsficewith Provision Report of its. Parent Com-
5 (a) ofthelisting Agreement pany, Trade Development
signed by the Company in Bank Holding SJL, areavail-
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given to Noteholders and fires of the Pnndpal Paying
Couponholders that the Au- Agent, Gtibank, NJL, HI
dited Accounts 1981 of the Wall Street, New York, and.
Company and the Annual of the skPaying Agents.

Amnnnt: of theNotes at present outstanding: US$ 35,000,000.

Jm2L,l$82

By: Trade Development Pinandal
Services N.V- '

ENERGY REVIEW

t/.r-

By Richard Johns

A CONSORTIUM of banks'
known as Topgas and led by

1 the Canadian Imperial Bank of Over the' uasl five VRaw ~

* Commerce and Citibank, is oh vver ■ P aw ' ave ^ earS »

» the verge of finalising on .. -

1 behalf of TransCanada Pipe- Irans Lanaqa ripe Hues
lines what must he a unique

■""■•-r-v

Key:

PmdhbeBay

has accumulated a huge
quantity of gas that '
remains in the ground
because it cannot be -

consortium of banks has

Tilt: ELIWMEET

t-% i -Wr "m msmnuron. - •

■^^^TFfcirf'bi^rcI nseennes kPststa- dinners; rhe-w ."

: h*/ hosts the- most igloos conferences

•t£ ^a-:f socigf Washington . v.'ifh guests ty?-'n cor- ..
?.&%(v 0 ii&-hS 3 dQ darters dr d royal palaces around the woria.
. ■c'lv ■•*. r ; / Th&'-WiSter gdte dcec.'Hct -.carcoto conventions. thus '
sty';.;arEU'^.fihvacy:.and;qciet for. your pa.rtycs 10.br 500..

.0^':rr:^bs : 350oe?'so'ri?-r'tpy enjoy atulibanq-.-au with
c -Cr-ef Klaus Hslmin lavish log alien tier? .upon every meal

/Uk For reservations ancl info'--:'abC‘r: cajPne -aies en ce
> ' .31202296^4495 or.tc!j tree 1300/424-2736.

g; f” : ' criotci

In the Watergate

Member, Preferred

r, D.-Q USA

i piece of inventory financing,
i The package is designed to
fund a stockpile . of gas
accumulated over the past five
years, purchased under contract
but still in the ground because
it could not be marketed.

It should effectively eliminate
an item which -has grown
remorselessly in the balance -

sheet of Canada's .biggest gas marketed. NOW a
transmission company and has
come, to threaten its ability to
raise the capital required for
its big investment programme.

The item m question— "pay- worked out a deal to ease

merits on future gas supply”—

to mu? £ ^ potential handicap.

70 per cent of TransCanada
Pipelines’ current sales volume
— formally an asset but a very
idle and unremunerative one
at a time of stagnant demand
for energy. The problem
arises from a ‘Take or pay”
system, prevalent in the natural
gas industry and especially bo
in North America, whereby the
carrier is obliged to pay for
contracted quantities of gas
regardless of whether he can
sell them. It derives from the
need to assure a return on the
producer’s investment

Normally, such deals work
well enough. Any shortfall in
demand from below contracted
volumes from scheduled output -
of a liquid Natural Gas plant
geared- to a particular custo-
mers needs • would normally
only be a matter of seasonal
swings and corrected later. The
problem of a surplus has only
come to exist on any great scale
in the IDS. and Canada. In the
latter it has been compounded .
by the activity of the : federal
regulatory authorities on either
side of the border, the discre-

TCANSUNA&IA HPEUNES «*" ' -t • ‘~V

mtsquEBRAMMmes -sox •? - ; /'•_ . /■

GSHnjKES ■- V • VjL ;
rWRIHEWBORDK
NORTHERN BQfiDBl WSJNE
robrmPFEUNBfcjM Mxt.

ob TransCariada’s power
to bprrow for capital
developments.

pancy in prices set by the
respective authorities, and the
political restraints so far
imposed our exports by the
Canadian Government
For the most part contracts
with. Alberta's producers were,
entered into at a time when an .
unchecked expansion' of demand
seemed almost inevitable and
risks, undertaken by transmit ;
sion companies. appeared :

negligible. Some of Trans-
Canada Pipelines’ contracts date
back' .to the mid-1950s. The lift-
ing .ratio was established on ..the
basis of a commitment to buy
Ibn coble feet per day for every
10bn cubic feet of reserves so
that, with. development of the
fields, obligations antomaficaBy
increased.

gas deliveries actually made by
TransCanada . can be recovered
to service tile debt. But this has'
been given 'hitherto only on a
monthly basis— hardly an ideal
procedure for either Trans-
Canada gr its bankers.

■i An average fiaterest rate of
22 per cenffor the financing has
hot in' itself, heehr-a bidden
becMEedljrtwSst and dividend
p^ments-r-ainpunting last yean
to C$141£m .(about £63.7m )—
have been recovered with the
a pproval - of the.' Alberta
Petroleum . Marketing -Corn-

West Germany and is still
anxious to acquire an interest,
in die Western LNG scheme,
which would involve a -slightly
bigger volume of exports from
British Columbia of gas to
Japan.. . ....... ..

In the curing TtafiSCanada
achieved a ^prerequisite for the
new financial arrangement It
negotiated , an agreement with
98 per cent : of its gas producers
using, its pipeline systems on a
farther reduction in its dontrac-
tuaL "take or pay "obligations
to 60 1 per cent of- the original.

carrying - charges - which will
amount- .to , about one-tenth of
reveaue accroing form' actual
deliveries. . This will be paid
directly I to the banking 'con-
sortium. by .the producers. An

too, dis 'Icfokhtg nahily
gv te the ,tLS v export ma^et and
\ •faces the same, difficulties posed
~bya .conservatioztist 'Canadua
Government determined- toad*

. here: to -i b^er price of $194
per m cubic feet in line wift
prevaflifig : jrorld : levels: .. 5Biit
metre. Ihan double the average
US £ well-head - rate' of-, q^.
S2JS67 -last December.- Hopes
: have - " bfefen raised., My J the

• National -. ...Energy .. /Board’s

aatatjwledgment'of-aie.-etls-

- tence of a substantial •‘shut-in/
t surplns: and the -more.': recent '
flecisioiilm May to facilitate a
greater jfibw OF.esjmrts.-
■TransCanada and the test are
still waiting to see how much
more will ;be - made available
and which, of Jhe 30 hr so appli-
; .tatidjff' "'salmiittedi, F wiii : be
/‘approved. " 1 Of special rignifi-’

• canoe to- it 15 the fate of -an
■ -agK^ent with the' Boundary
j Pebroaty 1 Ryder agreed' tdl- keep
. Gas --consortiimi. of . 14 com-
. parties including ’Consolidated
; Edison, - Brooklyn-; Union and
. Long Island ’ T.igTiftng^ under
1' which: i85m cubic feet per day
. suppfied Tjy it“ would be distri-
buted; ‘ to/ the north-eastern
slates of the UJS^ with the tar-

. get date .for jtee • start of deli-
veries' set Ifor the-.ehd of 1984.

. /That; would Involve ‘.'an: tovest-
jment* ^/TransCanada. on its
side/ of • the border" of $750m~
$lbn.' , -For: this, region of the
UA» far removed from Indi-

"tin"

eenoos sources, the 'Canadian
end-1994 deadline -has been w fln

price' is. by no means prohibi-
tive. *' ‘ -/

... . _ _ - : Thp . vtTJS; .' Department of

worst , scenario.. - The > j^aerE?" h^s given general ap-
• proval I to imports^ fro m t he
are further

mission from "cost of service”.'' level set by reserves ’ la; re turn
effect' expenditure 'oit: pao- ‘ ' tiie C$L3bn: . Tbe.jnndi-

fot settlement "of Ithe: debt— «
which TransCanada describes:
as the:

company does -not expect' to
operate below. 70 per cent of
its anginal contractual, obliga-
-tfons... . : -•

Thus, it ..is hoped that the
need' to m^e’prepayments will
be eRminated completely. ‘

C 0 MPAMIA VAIE DO RIO DOGE

BRAZIL

SPRING CUPS

CARAJAS IRON ORE PROJECT
NO. CA-013

CVRD — Companiua Vale Do Rio Doce, will purchase 2,020,000 Spring
Clips through international competitive bidding.

CVRD is applying for a loan from the International Bank for
Reconstruction and Development (World Bank), towards the cost of
Carajas Iron Ore Project and intends to apply the proceeds of this loan
to eligible payments under the contract for which this invitation to
hid is issued.

Participation in this bid is limited to suppliers established in all
member countries of the World Bank, as well as in Taiwan and
Switzerland. '

The instructions, specifications and forms which comprise the bidding
documents will be available upon written request to the Purchasing
Manager, accompanied by a non-refundable payment of US? 100 (ONE
HUNDRED DOLLARS) or the equivalent in other currencies, until
July 26, 1982, at the following address: .

COMPANH1A VALE DO RIO DOCE — CVRD

SUPERINTEND ENC1A DE COMPRAS E MATERIAL — SUMAT

RUA SANTA LUZ3A, 651-31 ANDAR

CEP 20030 — RIO DE JANEIRO — RJ

BRASIL

TELEX: (021) 23205, (021) 21975

Sealed bids will be received at the above-mentioned address until
September 1st, 19S2, at 2:00 pm, Rio de Janeiro time.

Each bid shall be accompanied by a bid bond for the amount of
US? 40,000 (FORTY THOUSAND DOLLARS) or the equivalent 'in
other currencies.

RIO DE JANEIRO, JUNE 30, 1982

PURCHASES AND MATERIAL SUPERINTENDENCY

— SUMAT

jrinftTwg ’ gas and ’ punjping .If
to the Alberta-Saskatch e wan
border where- total price is
determined.

nortix.-: Procedures
forward in the TJJS. than in
Canada.' Boundary- Gas , seems
confident and "fbe Federal
Energy Regulatory ttaftmission
cautiously endorses the opti-
mism, but ' warns against the
strength; of the/oppositibn from

Obligations

TransCanada's first payments
on “ future supply gas” first
appeared in its balance sheet
for 1977 when a modest aUow-
ance of C$7^m had to be. made-
By 1980 the figare had grown,
to C$465m.

CS2_3bn, Mocludimg prepayments
made up until the end of 1981
and to remove from the com-
pany’s asset sheet the gas in-
volved, but TransCanada would

■ The immediate and obvious
source of increasing 'concern has
been the lack of any retard on
pr e payments aqd, roasted to it
the uncertainty l over the txtos-

“S ’ to equity: finance! raised for

' prepayment in cash, for its
down> the acoumt&Lated gas. • development programme.

. "With wafer. C a sigmfleant . .; The new liability . wiUie ser-
The majority of the 650 or so . jArtion of • toted- assets uuprofit-' -need bv a -tn-onorHon if the
producers were persuaded to tirf um in.thfa wav. tlw»n» :.,. Propora^Q, tn

waive 20 per cent of purebase bas bfen paasrilri anxiety in the ’’ • ' 1 — " “ '■ * "

obligations for ‘the contract . boardroom 'about tfte^ *■ Sniptica-
yeais ending October. 3L 1981 tions for TransCanadia’sposition
and 1982. As if was; disburse- ’ in fhe ; finance'’ markets, ,abit

. . . .AH

fiat'-fe-rttw required 4s fbr’ the

needed cash Infusion . is/ being Alberta . Government ••'. L .' .to

provided by an enlarged bank- ' authorise tiie recovery ;. of r car- fuel oil dealers,
ing consortium. The effect of a rying charges for the full dare- ■- -. The National Energy Board’s
complicated transaction would tian of the 12-year : agreement hearings in Toronto start in two
be to consolidate one debt of : That isl- confidently awaitetb “it weeks’.time .with' perhaps a more

■wiU give a regulatory assurance
providing the certainty that
these . -carrying! - charges : associ-

atted with 'the prepayment - will-
be recovered,** -..j says. - : Mr
Nkholls. . ^ . r ^"

To do' so, Trerist^nada; Eke.
its rivals, must find new antjets
to teep pace with annual- addir-
tions Jo reserves, ‘of whidi its
own -increased 10; per cent l^st

meets on unutilised gas totalled
C$L,013bn (?734m), or 22^ per
cent of the company’s assets.
The gas aggregate amounted to
neariy 20tm cubic metres,
rather less than 70 per cent
of the sales volume in 1981.
The latter, in turn, amounted
to a similar proportion of Trans-
Canada's reduced lifting obli-
gation. By the end of the
current contract year the
aocumnntiation is expected to
increase to 24bn cubic metres.

Last year the volume of the
company’s annual sales were
only marginally up at 29.69bn
cubic metres or 2B7bn cubic
feet per day. Those in Canada
increased by 4 per cent to
2&36bn cubic metres but
exports to the U.S. fell by 12}
per cent to &32bn cubic metres.

At tiie same time the Canadian
National Energy Board
approved a higher rate Of
return on its utilities of 12.63
per cent, compared with 1L1
per cent before. This year the
rate has been raised to 15.75
per cent.

TransCanada is not alone
among the major gas purchasers
to find itself weighed down by a
heavy burden of prepayments. — ,

But only one other company, its Jkxpanjiion
rival. Alberta and Southern, has
found itself saddled fin a compar-
able way. It, too, has been
transporting only 70 per cent of
its “take or pay” obligations,
according to the Canadian
National Energy Commission.

withstanding improved results
in 1981 when earnings per share
were up 30 per eent and again
fin tiie first quarter, of - 1982
when net income rose by 49 per
cent

. TransCanada seems to have
overcome the nervous flutter
which hit its bonds in Hay on
account of the troubles of Dome
Petroleum, owner of a 47 per
cent stake in TransCanada. The
Euromarkets now seem re-
assured that there is no way in
which Dome could bleed the
company.

Last year TransCanada raised
about CS 1.361m m external
financing and for the first time
entered, to the tune of C?175sb
the Eurodollar market where jft
was active agam early this year.

As yef, the accuteulatioh of
“future gas supplies” has not
affected the company's fund-
raising power on the market
according to Mr Neil Nicholls,
vice-president for financial
affairs. But he readily con-
cedes that its presence on the
balance sheet must soon “ dilute
our ability to issue securities
for other purposes.

ta United Ol & Gas Saving

United Offidd Rentals

ttl ri f a twt

Mi m iqjjSng'n iiw r n w fri w-m wm i l nni

HOUSTON DAMS

naBuiauvEka STODbanl

Samoa, IbaTTNS
GBjfiSfts taovrSca

< 2&xNol79*S20

Jirnc* 3983

Tfotamrummie&amariwmrafiBjo&aib.

UNITED OIL&GAS
SERVICES

anrt

UNITED OILFIELD
RENTALS

of apcrironoftLeirl^sriarl s mr! Q ntsftarwjfngf

Common Stocktoandtiipira^^

Ap ica

R&BQE&ffiESDO^OC3MBilfrpORASHiG4CA)SAi

Until the e&d of last year the
financing of the prepayments
was made 70 per cent through
term bank loans and 30 per cent
through the public issue of
retractable preferred shares. In
line with the peculiarities of
both the industry and the
situation, the guarantees
obtained by the banks have been
somewhat unorthodox. Security
for the loans has rested on no
more than the assurance by the
Alberta G o ver nm ent that a pro-
portion of carrying charges on

TransCanada.. has ambitious
plans for expansion. In 1981
the company invested C$533m
in extending and approving its
gas transmission systems. The
system Trans Quebec and Mari-
time Pipeline, in which it has
a 50 per cent Share, is being
extended. A loopline on its
main trunk system from North
Bay to Ottawa is under con
struction. The Northern Border
Pipeline, First Phase, thrusting
Into Minnesota, In which it has
a 30 per cent Interest, is near-
ing completion
More ambitiously, Trans-
Cana da is pursuing studies In
the King Christian Island LNG
project with the aim of ship-
ping 5bn cubic metres a year to

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Tel: 01-248 8000

Having attracted your
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Financial Times Wednesday June 30 1982

UK NEWS

Britain may be
‘land-bridge 5 for
Norwegian gas

i -

BY RAY DAFTER, ENERGY EDITOR

BRITAIN may be used as a
" land-bndge ” for Norwegian
- gas destined for continental
markets under outline propsals
'■ being considered in Whitehall.

The Government sees greater
co-operation in the North
European gas trade as a means
of increasing supplies to the
UK.

Mr Nigel Lawson, Energy
Secretary, made this clear in
discussions in Cambridge at tbe
annual meeting of the Inter-
national Association of Energy
-Economists.

In the past British Gas has
opposed a pipeline across the
Englisfa Channel in case this
led to a drain on UK reserves.

The Government now be-
lieves that channelling. North
Sea gas from the Norwegian
sector through Scotland and
; England to the continent could
provide the UK with benefits.

Some of the Norwegian gas
could be kept in Britain, either
under normal contract arrange-
ments or as recompense for the
construction and operation of
the “ land-bridge.”

One of the first Norwegian
fields which could be linked to
the Continent in this way is the
big Sleipner discovery, contain-
ing about 7 trillion (million mil-
lion) cubic feet of reserves.
Statoil, the Norwegian state oil
corporation, is considering the
potential markets for Sleipner
gas. A decision should be taken
in the next 12 months. Even
larger reserves in Norwegian
Block 30 are also interesting UK
.gas interests.

Mr Lawson said that while
the UK Government was in-
terested in a land-bridge con-
cept there was no immediate
intention to allow the export
of UK gas, as sought by some
-North Sea operators. He said
present reserves were in-
sufficient, but it was possible
that exports would be allowed
if substantial-new reserves were
discovered.

/The UK’s proven reserves of

gas are 23 trillion cubic feet,
sufficient to meet the current
level of domestic demand (1.7
trillion cubic feet a year) for
only 13* years. But Mr Niall
Trim ball, an economist in the
energy policy division of British
Gas Corporation,. claimed yester-
day that there whs a possibility
of a further 20 trillion cubic feet
being exploited from other, tin-
confirmed discoveries in the
North Sea. He said British Gas
reckoned these resources were
contained in 69 “ potential
sources” of natural gas on the
UK Continental Shelf. ‘

Mr Trim ball said that in spit*
of complaints from oil com-
panies the prices paid by the
Gas Corporation for North Sea
supplies had not hit the pace
of exploration. He accepted,
however, that the impact of
pricing policies on development
activity was “ not so clear cut.”

Qualified support for the
Government’s North Sea oil tax
system — highly criticised by the
offshore industry — was given by
Mr Alexander Kemp. Reader in
Economics at Aberdeen Univer-
sity. He pointed out that the
UK tax structure was less
onerous than conditions in many
other parts of the world.

In an, analysis of II oil pro-
ducing countries Mr Kemp
pointed out that the top rate
of UK taxation was 89.5 per
cent, but the level of taxation
paid depended greatly on the
type of field exploited.

On large fields developed at-
a relatively low cost, UK opera-
tors were taxed more heavily
than most. Only Nigeria. Nor-
way and Malaysia applied
rougher tax measures. On small
fields developed at a higi cost
UK operators were taxed more
leniently than by eight other
countries.

Mr Kemp said that in general
UK tax levels were “progres-
sive,” compared with the tax
systems in Malaysia, Nigeria,
Egypt, Alaska and Norway,
which were “ regressive ” and
discouraged exploration.

BT telephones on sale
through rival outlets

BRITISH; . TELECOM (BT)
yesterday made, available for
sale, through competitive retail
: outlets -most of the telephones
which it sells and rents.

More than atlozen telephones
in El's “special range" are
covered. Mosf are stylised
, “ decorator " models, which BT
! .sells at retail prices from
' £49.95 to £150-75.

BT said -that it was also
releasing for private sale its
standard range of " 700 " series
. .telephones, which have been
available only - from BT oh
rental. No price has been fixed,
but the telephones are expected
to cost about £30.

BT let six "of its “special
range” telephones go on com-
petitive sale this year. It said
.that the latest decision was
intended to help the Govern-
■■ mentis . telecommunications
liberalisation programme.

- BTs telephone suppliers are

Ferranta-GTE, the General
Electric Company, Gfeiler of
Switzerland, Northern Telecom
of Canada, Plessey, Standard
Telephones and Cables, Thom
Ericsson and TMC.

• Computers are Wiping to
dear coins more quickly from
public telephone kiosks in
London. A new BT system,
called “ AH Change," enables
coinboxes to be cleared as often
as six times a day.

Jammed, dirty or damaged
payphones and coinboxes are
reported by “Ail Change." It
monitors the 20,800 London
kiosks and counts the coins
collected from -them, amounting
to' about £380,000 a week.

“All Change,” installed in a
Telecom building, will save
about £3m a year, the sum BT
paid to the Post Office for
collecting and 1 counting the
cash.

Airline order
worth £3.8m
for Belfast

8y ' Michael Donne,

Aerospace Correspondent
COMAHt, the UB. regional
airline based at Cincinnati,
Jus ordered two Type 330
twin-engined commuter air-
liners from Shorts of Belfast;
worth <£3-Sm).

This, deal brings to 111 the
number of 330s, ordered by
34 airlines in 14 countries, of
which. 84 have been delivered
- —54 of them to airlines in the

us.:v

Tfae.'SO*eat airliner Is de-
signed for short-range routes,
serving, "rugged airfields in
small communities as well as

high-density traffic routes.

Since entering service in

197$ the 330 has eanried
nearly " 8m passengers, and
flown over 325,600 hours.
New versions of the aircraft
oh. offer' include the ■* States- -
man,”- for business and exe-
cutive travel, and a military
utility transport modeL

Clearance for
commuter
airliner

By Our Aerospace Correspondent

THE ' British Aerospace Jet-
stream 31 twin-engined com-
muter airliner has been
awarded its Certificate of Air-
worthiness by the UK Civil
Aviation Authority, clearing the
way for deliveries to customers.

Certification by the UE.
Federal Aviation Administra-
tion is expected soon. The air-
craft is designed with the U.S.
regional airline network in
mind as a major potential
source of orders.

So far there are firm orders
for six aircraft, with four more
on option and letters of intent
for another seven aircraft Fur-
ther contracts and letters of in-
tent are in negotiation. ■ First
deliveries are due in August.

Production of at least 17 air^
craft is now under way at .the
British Aerospace Prestwick
(Ayrshire) factory, but addi-
tional production batches of air-
craft have already been
authorised.

, BBC agreed in the High
rt London, yesterday, to pay
istantiaL." damages toy Mr
y'Hyams, the financier, over
■peated allegation thai he
leratdy kept the Cen tra-
il tower block empty for
s to inefease its value,
r Richard Hampton,' bis
sel, told Mr Justice Forbes
since, .the ‘Central London
lc was built in 1966 the un-
allegation as to why it re-
ied unoccupied was made

, BBC had made lire aHe-
n ax times between 1972
1974. MrHyams bad sued
BC twice and the BBC bad
gised in court
? BBC had repeated the
ntJbn in a Nationwide pro-
itie on 'May. 19, 1980- and

Mr Hyams had brought the libel
action. , A , ,

It had always been intended
that Centrepoint should be let
as a whole to a “ tenant of un-
doubted covenant." Efforts were
made to obtain such a letting
and a suitable tenant was found
in 1970.

Mr Hyams’s main object in
bringing yesterday’s action was
to obtain a permanent injunc-
tion against the BBC to ensure
titat it did not repeat, the aHe-
g&tioxL

Mr John Previte, for tire BBC.
apologised for repeating the
allegation. . _ _

Centrepoint is owned by Sov-
mots investments, a subsidiary
of Oldham Estate Company, of
wfririi Mr Hyams is chairman
And managing director.

Robin Pauley looks at the effect of rate increases on a family manufacturer of office furniture

The rising cost of business survival in city centres

A FAMILY- company which is
losing money in the recession
after building up its manufac-
turing, distributing . and show-
room network in 14. centres in
England and Scotland, faces a
rates bill of more than £250,000
for 1982-83,

-.The bills vary from £250 .per
employee in Blackburn' to £2,817
.per employee 'in Milton Keynes.

" MrT>avid Matthews, a director
of 'Matthews Office Furniture,
a company established Tn> 1848,
has written to the 14 councils
in which ■ his company pays'
rates protesting about the
increasing burden and suggest-
ing that if it continues it will
make the future viability of
city centre showrooms in par-
ticular almost impossible.

The company has its head-
quarters in Liverpool with
premises in six other metro-
politan districts, two London
authorities, two shire, districts,
a new town and two Scottish
cities.

In all cases the rates bill com-
prises both the local rate based
on the borough in. which the
premises are located and a
.usually much larger portion
payable to the second tier
county or regional authority.

In Milton Keynes and
Camden, for example, the local
portion of the rate is lower this
year than, last,- but in both cases
the second: tier precept from
Buckingham ahd from the
Greater Londan Council and

David Matthews wrote
to the 14 councils in
which his company pays
rates and uncovered
anomalies in the target
system of aportioning
government aid.

He argues that rate
increases are making
city centre showrooms
unviable for businesses
which cannot survive
without them.

Inner London Education
Authority rose.

Camden’s local cut was large
enough to reduce the overall
rate impact for Matthews by 5
per cent compared with last
year. But the company’s other
rate bills rose by between 2.97
per cent in Birmingham and
19J.5 per cent in Sheffield.

Mr Matthews argues that his
company, based In Merseyside,
Is having to control evejy cost
possible to weather the reces-
sion without making people
redundant. It has kept all con-
trollable cost rises below the
inflation rate but those outside
its control — local authority and
nationalised industry charges —

ONE COMPANY'S 1982-83 RATE BILLS

Council area
in whidi
premilts located

rate m the £81-82
annual rent (figures in pence)
£ local total

rate in the £ 82-83'
(figures in pence)
local total

Total ' Rate bill per

ratebiV % employee
82*83 increase 82-83'

£ over 81-82 £

City

36.950

29,4

717.0

3735

143 .

23,792

18

IMS

Camden

28,000 •

75 J&

779.6

67.62

192.4

17,903

-5.7

1,790

Liverpool

31,000

7324

767.7

144

798

19,246

14.2

801

St Helens

139,000

737.3

1773

140.77 ■

794.77

85,775

93

953

Manchester

8,000

1723

2053

1863 ■

7787

6,590 •

173

659-

Leeds

9,473

703.1

1313

717

1613

6337

153

1.106

Sheffield

4,750

154

211

7813

257.6 .

. 7 J78 . .

193 .

736*

Birmingham) .

27,000

1113

142

1253

1653

72388

2.97

1348

Coventry

9,650

119.6

7503. -

135.7

176

6,623

63

1325

Blackburn

7,000

700,600

363

1393

373

1633

1300

123

250

Milton Keynes

20.9

737.9

193

1473

42,266

73

2317

Oxford

7,500

77.4

128.4

78.7

7503

2367

13 A

789

Glasgow

9350

48

136*

58

160.0*

10,974

77.4

1329 -

Edinburgh

15.000

22J5

1433*

24

149*

8366

.. 33

1,444

* includes water charges

- '•

have been higher than the infla-
tion rate in most cases.

Mr Matthews asked each
authority how much money it
lost in 1982-83 In government
grant through budgeting to
spend more than the Govern-
ment’s target Camden re-
ceives no grant because of its
exceptionally high rateable
resources but other areas lost
substantial amounts— Sheffield
lost £5.9m for 1982-83 because
its budget is £17.9m over target.
Liverpool lost £3.5m and St
Helen's £2m.

In many cases there is a
double ratepayer ' impact
through grant loss because the

relevant second tier is also
bening penalised. This applies
in all metropolitan counties, for
example.

There has been widespread
criticism of the target system,
and the Government's method
of assessing how much a
council needs to spend to pro-
vide a standard level of services. '
The systems are still heavily
flawed and full of inconsisten-
cies which will take several-
years to clear up. -

One result at the moment is
that a large nuiriber 'of councils
are judged to be underspending
on one set of criteria and over-
spenders on another. Rate

increases in the Matthews areas
are not necessarily related pro-
portionately to the spending
policies of the councils this year
and last year.

Matthews, pays .. . a total
£426,673 in annual rent includ-
ing notional rents calculated
for owned properties. One of
the largest rent and rate bitis
is in Milton Keynes which is a
distribution centre employing
only 15 people. It was planned
in . 1978- for the “ decade of
North Sea ofl" and opened in
1980 just as demand started to
dwindle. It is now an expensive
holding operation awaiting an
economic upturn.

Although a more usual cal-
culation of rates per square
foot of commercial space would
■give different results Mr
Matthews is calculating rates
per employee because he re-
gards jobs as the key In a
company losing money during
a recession.

Mr Matthews argues that
rates make city centre show-
rooms unviable. but his is one
of many types of business
which must have showrooms in
.city centres, close to commer-
cial and office developments.

His search for a low spend-
ing, low rating, unpenalised
town centre in a second-tier
authority which is similarly
low rated, on target with its
spending ahd unpenalised will
take him far away from any
metropolitan area.

He would probably have to
go to a small town in' a rural
shire which is unlikely to
generate the same turnover in
office furniture sales as a prime
city centre location.

Mr Matthews notes two other
problem costs. One is water
charges which have nothing to
do with local authorities, but
will cost £21,520 this year com-
pared with £19,232 last year.

The other is the charge for
collection of commercial refuse
by Liverpool City Council. This
brings a bill of £162.24, plus
£23.72 for the weekly emptying
of six bins — a council straw
which Mr Matthews feels is
helping to break the commer-
cial camel's back.

If the products on your production line
are waiting for one vital part, you’ve a stock
control problem.

Acomputer can solve it Infact itcan
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■ But the last thingyou need is a lot of
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At your new local ICL Computer Point
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It’s not a shop or a showroom, it’s an
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They’ll giveyou demonstrations of a
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And because ICL is Europe’s lead ing
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ra

-V

. -A

10

Financial Times 'Wednesday' June 30 19S2

UK NEWS

BSC seeks job cuts at Sheffield

-y.yy.^

BY MWK WEBSTBt

_ jffi British Steel Co: .
yesterday announced that it
was seeking cuts of nearly one
third hi the workforce of its
stainless steel plants in
Sheffield.

The corporation wants to
make 60ft of The 2.00ft workers
redundant because of the con*
turning sharp fall in demand
for stainless in Britain and
abroad. But BSC stressed that
it was not. looking for plant
closures.

Talks are voder way with the
unions about how the redun-
dancies will be distributed and
when they will be completed.
The works likely to be affected
are- at Tinsley Park, Shepcote
{ Lane and Stoeksbridge.

The redundancies are not un-

expected following the collapse
in demand for stainless stool.
Domestic consumption in 1981
was 25 per cent down on the
previous year at 120,000 tonnes.

In rbe second quarter of ibis
year, de*stocking combined with
depressed demand saw- sales
fall by more than 20 per cent
on the first three months and
there are no signs of a recovery
in the market.

BSC has some of the most
modern stainless steel -making
capacity in the world thanks to
a £l30m investment hi its
Sheffield plants opened in 1978.

The corporation's capacity
more than doubled to some
220,000 tonnes, bringing poten-
tial world stainless production

to some 1.7m tonnes against
demand last year for around lm
tonnes.

The redundance.-! are part of
rhe BSC plan to break even by
1983, Jsi* the corporation
stressed that it was nut. the first
aign uf the proposed reappraisal
of plant configuration. -

Weak demand and a sharp
rise in import* this year : have
forced BSC io consider dosing
one of its five main production
sites.

The Department of Industry
favours a reduction in peri-
pheral areas vf the corpora-
tion's business rather (ban the
closure of a single major site,
such Ravenscraig in

Laitarkh ire.

3fr Ian MacGregor. BSC’s

chairman, wanted earlier this
month that" a further. 17,000
jobs could be lost Erom the cor-
poration's 10Q.P0CT workforce
because . of the low level , of
demand for steel '

The Scunthorpe works yester-
day announced that one of its
four blast furnaces was likely

to close indefinitely. Workers
at the medium section mill are
to he given an extra "week's
holiday- during this year’s sum-
mer shutdown - because of .a
shortage of orders. .

Scunthorpe made a . profit of
£10. lm last year.- but the 8,000
workers have been told that
ingot slocks are nnmipg too
high and the works will" now
run -at two-thirds of capacity.

Big rise in
bank loans
to private
sector

-By psvMKnfc

BANK LENDING"- ta sterling
to the private sector ipse by a
record amount- after, seasonal
adjustment lit the- ' Tatest
quarter, with tire'" rbe'Ted by. ;
heavy borrowtag,; from the
services and penenad sectors,
accwrdtng M> Bank •f.-Hagiand .

Arthur Scargitl

Scargill
angry at
Ezra ‘insult’
over letters

&y Maurice Samuebon

THE BE LATIO N&HIF between
Mr Arthur ScargiU, president
of the National Union of
Mineworkers, and the leaders
cf rhe National Coal Board
were near breaking point at
least a week before he strode
out of a meeting with Hr
Norman SiddafL the board’s
chairman designate, after
rrclv 3jf minutes last .TUnro
diy.

Or\ June 17. Hr Scargill wrote
an" angry Tetter to Sir Derek
Ezra, the board's chairman.
ac:iHii2 him and Hr SiddafL
-.hen his deputy, of failing to
reply directly to letters from
himieif and Mr Lawrence
Daly, the union's general

secretary.

Mr ScargiU’s Letter, which was
signed by a typist, accused
Sir Derek of “ a direct insult
to myself and the Union.”
and warned that replies from
c*frer board members to sod)
correspondence would not be.
accepted in future.

Mr ScargiH had apparently
bees incensed that letters
addressed to Sir Derek and
Mr Siddafl had been answered,
by 3Ir James Cowan, the
board member for industrial,
relations, who has subse-
quently been promoted to be
joint deputy chairman.

The contacts between Mr Scar-
e'll and the board were com-
plicated by the fact that Sir
Derek has been winding down
his activities as chairman, the
post he has held for the past
11 years. He is to retire on
Friday and will be succeeded
by Mr Siddall.

Although Sir Derek asked his
staff to draft a reply to Mr
Seargill's letter of June 17.
it was learned last night th*t
none had yet been sent.

rhe coal board said Mr Scar-
pill's earlier correspondence
with Sir Derek had been
answered hy Mr Cowan
because of TBe need for con-
tinuity in industrial relations,
for which Mr Cowan will
continue to have special
responsibility.

Hie WM refused to comment,
unless it was told from what
source Mr Scargill's lelter
was obrnined.

Jr Scargill's letter of June 17
reads:

Oezr Sir Derek.

Surinc the course of recent,
weeks, the General Secretary
and myself have written to
vou and to your Deputy Chair-
man on a variety of issues,
cnly to receive replies from
another Board member.
This can only be interpreted
as a direct insult to myself
and to the Union and I have
no doubt that it will be so
interpreted by our member-
ship at large*

[ am writing therefore, to make
it clear that in future, such
replies will not be accepted.
On occasions where I feel
that the importance of p the
fuhject renders it necessary
for a letter to be sent to the
Chairman of the Board. I am
entitled to expect a reply
from the Chairman of the
Board and any other replies
wilt therefore be ignored. 1
hope this makes my position,
and that of the NUM. clear.

Vours sincerely.

rA. SCARGfLL. PRESIDENT).

NEB makes £59m loss after disposals

BY JOHN ELLIOTT, INDUSTRIAL EDITOR

THE National Enterprise Board
made a record pretax loss of
ES9m in 1981, compared with a
profir of £l^m in the previous
year, mainly because erf expenses
involved hi disposing of the
board's interests in Insac mid
Nexos, electronics companies.

The NEB's two main profit
makers during 1981 were United 1
Medical Enterprises (£7.39m) r a
health care company, and
Wholesale Vehicle Finance
(£2.72x0), which provides
finance for distributors - of BL
cars.

But the profits of these and
other smaller companies were
overwhelmed by losses on Xexos
(£l3.29ni). British Underwater
Engineering. (£3J35mf. and Data
Recording Instrument (£9.73m).
plus continuing investments in
the Iran os microchip company,
which cost £15. 11m during the
year.

...The loss means that the NEB,
which operates as part of the
British Technology Group, fed
far short of its financial target
set by the G ov e rnm ent.

Instead of meeting a return
of 13.07 per cent on public funds
invested; it made a negative
return of 30.12 per cent.

However, the Government is
not likely to complain about

these results ecause they have
been caused by the new manage-
ment of the group, under the
chairmanship of Sir ; Freddie
Wood, diposing of some of the
problems of earlier NEB
ventures.

.During the year, the NEB
expanded rts investments in
smaller venture capital projects,
using the technological expertise
of its partner, the National
Research and Development
Corporation.

This partnership may soon
lead xo a major investment in
arabuomes, a new all-round
sound system which is more
advanced than quadrophonic
sound. Ttae.XRDC holds patents
on this invention and has been
encouraging its development for
12 years.

The NEB now has 20 subsi-
diaries and more than 40 asso-
ciated companies. Sir Freddie-
Wood said yesterday he did not
envisage the NEB making any
more major investments like
Tnmns and Nexos on its own.

However, he said, it had a
role in identifying and encour-
aging the development of com-
mercial^ viable technological
projects, and to act as a “ path-
finder” to help private sector

NEB PROFIT AND LOSS
ACCOUNT

On On

1981 1980

Incom*

Dividends

receivable 230 2-88

interest receivable
From snsbiafiary
companies. '
associated companies,
other investments,
short term deposits 9,06 - 19.74

1136 22.62

Less: 'Administration

expenses (3-06) (339)

330 1933

(Loss) profit on disposal
of invest m e n ts (4534) 4-42

P rovision against-

investments (7.18) (19-09)

Provision for payments
to Data Recording
Intern m ent

Co Ltd (1230) —

Operating (loss)

profit (56.24) 13,65

. Interest payable to . —

Her Majesty's

Government (235) (12.13)

(Loss) profit before
taxation (59.09) 132

Taxation (.18) (231 >

Loss after taxation (5937) (1-19)

financial institutions identify
investment opportunities.
Disposing of most of the

NEB's interests in Nexos, an
office products company, cost
£3rtm to £3 4m, depending on the
sum -recouped hy sales of
interests aread.-'

The company made trading
losses of £9.99m in 1980 and
£I3-2Sm in„I98L Further losses
of £10.72m were incurred during
the disposals.- - • "

But Sir Freddie said he hoped
that the problems with ‘ Data
Recording Instrument, a com-
puter company, had been solved.

After losing £9.73m last year
and £1 0.34 m in 1980, this com-
pany was now trading, profitably,
he said. He thought it should
be making sufficient profits " in
a couple of years” to be con-
sidered as a candidate- for sale
- to the private sector.

During 1981, the - NEB con-
tributed £1 7.99m to the Govern-
ment. £2.99m of which . came
from disposals -and J&lSm. Xrum
the earlier sale of its interests
in Ferranti.

The NEB now operates
mainly in high technology areas
such as biotechnology, robotics,
flexible manufacturing systems
and information technology. It
is considering moving into other
areas such as energy manage-
ment systems

Riots blamed for Merseyside crime record

BY USA WOOD

LIVERPOOL’S RIOTS last year,
had a disproportionate effect on
Mersey&de crime Mr Kenneth
Oxford, the force's Chief Con-
stable said yesterday in his
amnia]' report showing record
crime figures for 1981.

A record 128.824 offences
were reported in the Merseyside
police area last year, an in-
crease of 153 per cent on 1980
but the detection rate fell lo
34.4 per cent the lowest level
since the force was set up in
1974.

Mr Oxford said that before
1980 crime figures had been
fairly static throughout the
county, bur rhe indications over
the past two years were that
this period of containment was
at an end.

The disorders in July and
August accounted for only 1 per
cent of the year’s crime total
but Mr Oxford said there was
no doubt they had an indirect
effect on the figures by reducing
the number of officers available
for normal policing.

The riots, however, had a
considerable effect on the level
of offences against the person,
which had been faffing, and the
value of property damaged.
About 723 of the 728 reported
offences of wounding and
assault in the riots were injuries
to police officers. Damage to or
theft of property totalled more
than £10m.

Mr Oxford caused consider-
able controversy by using CS
Gas in July, for the first time
on the streets of Britain. He
said: “The. violence shown
against property and the policc-
d tiring this tune was unprece-
dented in modern policing his-
tory."

Commenting on- the disorders
he said: “This sad chapter in
the history of Merseyside will
stay in the minds of citizens and
police officers for mam' years,
and it will take- a determined
effort on the part of all lo im-
prove the quality of life in Mer-
seyside and ensure the scenes
of 1981 are not repeated."

He said that after the disturb-
ances more than 2,000 letters
were received- by • Merseyside ,
police, expressing support for
the way the disturbances had
been dealt vitft. Donations to
police charities totalled £6.563.

The report said the increase
in bouse burglaries, throughout -
the year was particularly serious
about 17 per cent up on the
previous yasr. Burglaries in
other premises were 23.5 per
cent.

Juveniles aged 17 aad under
mads up 32 per cent of those
prosecuted and cautioned, with
3S4 children under the age of
criminal responsibility (ten)
coming to notice for committing
crime.

Complaints against the police
during the year totalled 1.730,
with 71 complaints substring
tiated ?nd formal disciplinary
action against three officers.
Two officer* were the subject of
criminal proceedings. About 346
complaint? were still being
investigated.

-Mr Oxford said be thought it
important .to realise, at a time
when She 'Home Secretary was si
considering procedures for in-
vestigatShg complaints, . that'
whatever procedure was pnM
duced there would be sections of
the community “dissatisfied
with any decision, other than
one they support, irrespective of
the merits of the rase."'

An increasing proportion of-
police time was taken up with
invest 4 "3 tin". complaints,. . he
said. Demands were such that
premature retirement by officers
sunerinteraient rank was
often due to the continual pres-
sures o' need nn them in invest!-,
c-ifing complaints.

» Mr WilMsm Whilelaw. the
Home Secretary, announced in
Ihe Commons yesterday tint he
was issuing, for extensive con-
sultation, new draft codes of
practice for the police based on
the recommendations of the.
Royal Commission on Criminal.
Procedure.-

Medical record
misuse "should
be criminal’

Bjr Raymond Snoddjr
THE BRITISH Medical Associa-
tion f&HAj yesterday urged the
Government to make the mis-
use or disclosure rtf medical
records a criminal offence.

The BMA, which represents
most British doctors, said in a
written response to rhe Gov-
ernment’s proposals for legis-
lation to protect data that any
keeper of medical records
should have a statutory respon-
sibility to keep them safe, and
(hat the responsibility should
be backed by criminal sanctions.

The proposed registrar on
data misuse should be inde-
pendent of Government and be
appointed in the same way as
the Ombudsman, the BMA said.
It added that rhe registrar
should have the power to start
court proceedings and that no
medical information should be
given to the police without the
patient's knowledge.

Census shows pensioners
form 17% of population

BY USA WOOD

ROUGHLY one in six of
Britain's population is of pen-
sionable age. with (be highest
proportion in the South West,
according io findings from the
1981 Census.

Results show that although
the population present on
census night in Britain in-
creased by only 0.6 per cent
between 1971 and 1981 the
number of pensioners went up
by 10 per cent to 17-7 per wr.t.
the number of unde MBs fell by
12 per cent.

Some 5.7. per cent of the
population were aged 75 or
more, with the lowest propor-
tion of people of pensionable
age being In the West Midlands
(16.1 per cent) and highest in
rhe South West (20.7 per cent).

The census results, published
by IJie Office of Population
Censuses and Surveys, also
show that in the 10-year period

to 1981 the number of one-
person households increased by
30 per cent. Just over v. fifth
122 per ecu: » nf ihe households
in Britain consist of one person
living alone.

On census night Britain's
population stood at 54.285.422
with the regional population
change betwern 1971 and 1981
varying from a decrease of 2.8
per cent in the North West tu
an increase of 12.1 per cent in
East Anglia.

Other results show that
between 1971 and' 1981 the
number of housp ■mncT-ocru-
piera went up by over 2nh — 56
per cent of householders were
owner-occupiers compared with
48 ner rent m 1971- The pro
Darn an of household* . ran led
in the nrivatc sector fell from
22 per rent io 13 peT cent.

• OW.'S 19HJ Census MoinNr,
peer -T6p.

; McDermott wins
| contract for
| platform jacket

I . By Sue Cameron
j MCDERMOTTS Scotland divi-
: si on has won a contract from
| the British Gas Corporation for
| the jacket of * drilling platform
j that will be used Ih the More-
! cam be gas field off the Lanca-
j shire coast.- > • -

1 The contra cr is worth “ sev-
I eral million pounds'* bat
: neither British Gas nor McDer-
mot! would give exact details'
j of its value. The lotal sum in-
! voived, however, is thought to
‘ be less than £10tm
! The jacket will fie fabricated

■ at McDermott’s Ardesiet* yard
! over the next 12 months.

The Government gave British.
j.Gas the go-ahead fbr its £lbn
i development oF the Morecambe
j field in February. The field has

■ csrimaied recoverable reserve*

' of 4L5 trillion (million million)
j cubic feet of gas and is ex-
f period io come on stream in
: i&&4-

The statistics, contained In
the'- Bank’s wabm •£ -credits
granted between Ertnuny
and Hay. under tine -Govern-
ment difficulty in v-Mn&olUng
private sector borrowing even
at a time of stuggash economic
recovery. .. .....

Significantly." lending to
Individuals, - 'which ' has been
particularly buoyant Tor same
tfme, sported again, with -bank
credits for house- puriiases
reaching a record. 1

The figures show that CrWlt
demand from

srronger In the se rriees steef or.
which - has weatben^l the
-recession fairly well esSipared
with ailing toaniu 4cl(U tug
companies. "

Private sector . borrowing
rose by f437bn, seasonal^
adjusted, during ttae^ndarter.

This was slightly more than
the previous record ef T433bn
daring, tire November to
February period. , v -.

Total sterling- lending to
UK .residents through both
advances and ae&ptxace
credits, rose by £&2$r a or
7.4 per cent during' ' the
quarter. The bnflkvrtf the
tidal — - f4-73bn ‘ fflnnv
seasonal wHnsbnetrfTMarqpnre-
seftod erif deraand-Cnteitbe
private sector^ '' .

Thta compared wHhji trial
Hiqw* Hi xter»h»g •Tending
of fi437bn <«n #1* pvevimis
quarter. LtwHar^.f*' 1 ■riw
private w«»br vflw'
tbe imhtie Aecfor wade sniail
nri reonymeris- .- • .

" Recovery of taxes Waved
by the rivfl- servants ofennfe
andn affected the ■Sgnres,-
although to a sraaBer ,*^nt
than during (be
.quarter. ■ Tax arrearii v were
reduced by £lbn .tfariog the
IrieSTouartier, conrnared With
£2hn during November to
FfbnwSr, T,- .V '}'

I/ndhu t» indWdimb'rose

£1^7bn or lfcS 'prf/WS with
‘ loans for house nurchpses bp
a record ffUnn;' W per

; -■ v- • A? .

= Tbe^ ' se T v fefa g;.^ ^'

. accounted for the bHiieS^—.
hrte rise.' wf^ l^aUs wp bx
"aHhWbc ** .

Tbe retail ffistrftntion trade
also borrowed Tjfe&srif afc-.-ySWk
lendlng hp ' f;

-There werb mwe-mfriestln-
: creases in lendis® to mapm-
‘ facta ring industry-— up £676m
oir 39 per cent. Alt cate-
gories extent chemicals and
allied industries showed rises.

Navy approves plant
to provide fuel for
nuclear submarines

1 ri** i’' ’ •- r t..

-BY DAVID HSHLOCK

THE NAVY, has given British
Njtclear F uels ap proval to start

ti ii I T rftn g 3 rrn>ri nTTn pJiHphtHff tit

pl a nr at Capcnhurst, Cheshire,
to pnrrfde for Britain's nuclear
submarine fleet.

" The: project, expected to^cust
more than £1 00m oyer the next
four years, was frozen last year
in Ministry' of Defence
economies crn;cajiffal expendi-
ture. - .

■The' Navy, has been fueffing
i'ts^hudear fleet with uratiinm.
dnrfrbed to high levels— exceed-
ing 90 .per cemb— by thd lLS.

agreement involving ' tne '.."ex-

The final stages of enrich-
ment, ta a level exceeding 90
p^r cent, win 1 he carried oat
for the Navy in the U-S- -
According to the Ministry of
Defence the latest proposals by
BNFL.are “more economic, in
terms of both national and de-
fence resources titan, the

original plan.” .

Mr Con Allday. managing
director of BNFL, said the new
proposal was a " perfect ly
straightforward commercial
proposition.” It would avoid the
redundancies the company has
forecast at Capenharst in

. October 1981 and would enhance

change of plutonium from the, employment prospects for the

M h i l rivw "a# ' 1WatutA T A ah (a fVia mOMITt

Ministry of Defence's rehetors
at CalderHMland Chapel cross.

Under the terms of the new
project^BNFL will finance con-
struction off ab enrichment
factory b&ted -dongas centrifoge
technology.

Tbe. new factory will, eqririi
Uranium - to '• " intermediate ”
levds-rweD above the few per?

company and in the region.

The enrichment plant it was
bnilding would be simpler than
the .-high-exuiclunent . plgm
originally proposed. - because . it
could avoid- the problems of
nuclear criticality posed by high
levels of enrichment.

> would use the same second-
generation gas - centrifuge the

cent- ; needed fey 7 cdi ppi ercial. ^company was installing in an
reactor.. faeL but short : of the J adjoining: commercial earich-
highly^enricfied levete ‘ ; re- ment plant already under 4ron-
qmred fet^satanarme^frreL struction.

Rayaer suggests savings
in research laboratories

BY DAVID

EDITOR

iGS of about £15m a year staff reductions and the sale of

and a once-and-for-all ** saving . about 27ft acres, of land, 450,000
of £7m have been identified: by sq ft of storage, workshop and
Sir Derek Rayner i^ a finandal 'office space and 200 vehicles,
review of the support services biggest saving is ideiiti-

for Government research and fled in ihe support of the 12

defence research and develop-
ment estaMishments. The review

operating costs per year. ;: :

. About 800 of the potential
staff savings arise “ from’ adopt-
ing mere realistic levels of

development establishments.

Sir Derek said yeste rday feat

he believed tl^ say^ ^ reduction in staff

tetojj.'ed 13 per cent nn

laboratories. .. "

The ■ savings, -mostly' - ; in
defence establ^BB^ots; Save

been pinpointed' k; i audit of t „

the artvities^^of overSDOO^taff^ w 1 ^^ pie report rays. For
Irabonta ^peritvdent .of ^gu^-eaampte, it ftpn A that, as many
Govennmmt laboratOTy snppert ; « lO^.meMen^nnnrfsjrere
Staff:../.. , V proved dailrwhere ** two -or

•It embraced. 19 out "of more- are usually enough."

■than 7ft - Governm^'^Tes^cS.' ' : 'TT{& air taxi service provided
establishments, whose activities by the Royal Aircraft Establisb-
range “from nuclear .-weapons mjent, Farn borough, was 25 to
and the: effect? of ^npsioh.on •• ijO . per. cent more ' expensive
concrete ' .to the. . gSfdyuig * of .. than commercial air taxis, says
'anenomes.** J .... ‘ / , ^YeporL... - .

They occupy *" in L$bii,reio»y. animals ' bred -by

employ about 35,O0(f staC ■and the Gentrai- Veterinary Xabora-
cost ov«r. £600m a year to rim. tory o£ the Ministry of Agricul-

Confidentiality claimed for ministerial papers

BY RAYMOND HUGHES. LAW COURTS CORRESPONDENT

\Z CLOAK of confidentiality
iich protects Cabinet papers
am public disdo.<ure also
vers the documents of min-
Icrs and their dopartmentai
SciaU. it was claimed in the
mrt of Appeal yesterday.

AH such documents were in-
ivod in ^overnmctital decision-
riking and the disclosure of
!•: would destroy the lons-
i^bli^hed principle of confi-
nfiaiifj', said Mr Simon

■WAT..

Tie was continuing the De*
irtment of Trade's appeal
:a:nst a High Court order in
ay. It called for 100 ministerial
urking papers, to do with for-
ulaiion l^r recessive- Trade
‘cretarics of Government
ilicy on the British Airports
uthonty i BAA) between 197"
k! 198ft, to be produced for

inspection by a judge.

Mr Justice Bingham had
reached the provisional conclu-
sion that production would be
necessary, if justice were to be
done in a pending claim by 20
international airlines against ihe
baa and tbe Trade Secretary
over increased landing charges
at Heathrow Airport.

The airlines are cnas-appeal-
ing against the judge's refusal
to order production of about
13ft other documents which
passed between officials of the
Trade Department and between
that and other government de-
partments.

The Crown opposed produc-
tion of any of the documents,
claiming immunity for them, .in
that disclosure would be con*
lra «? tl,e Public Interest.

Mr _ Br ?wn said that .since
the Bingham ruling, six other

relevant documents, all cabinet
or cabinet committee papers,
had been fn yraf

They included two
memorandum-; of the Chief
Secretary to the Treasury, an
extract from the minutes of a
cabinet committee meenne pre-
sided over by rhe Prime Minis-
ter. a Treasury paper to the
cabinet, a note of a eobrne* dis-
cussion and a Teller from fh?
Chief Secretary to the Treasury
to the Energy Secretary, copied
to the cabinet committee.

At The earlier hearing. Mr
Brown said, he had been un-
aware of the existence of those
documents, or of the. relation-
ship. between departmental
documents and cabinet dccision-
nskini.

. He said that Sir Robert Arm:
strong, the Cabinet Secretary,
bad stated tint it was necessary.

In the- national interest, ih.it
Cah;r.e; dac,icii.-nts not be di&-
riosed. The anpurti nee nf c-un-

fidernalil;.- for the inner work-
ing of 20-. errjncr.’ at that lew!
was widely revosni&cd. Sir
Korn-rt san. Thai confiden-
tiality might he a* crawly pre-
iudiwta by Ihe disclosure of
riencrtmcn'ai rinvuments as by

the disclosure of Cabinet

pipers

Mr Bnra-o also read a certifi-
cate li which Sir Kenneth
Clwa«. i'-reter jx-rnianeni
sciTe:3ry at the Trade .Depart-
ment 'Tsd -reti*>! his ulijcciion
t«» pririuvti'in of Ihf- depart*
menl’i docuRK a nu».

Sir Kenneth bad btatri! that
. liw docwocnti . included
privjrtriy-Mp.'Pssed optmons of
ministers i:: the last Labour
iStivcmmer,', ;.3<J advice given
to tfnrm tv tiirtr officials. He

i

rc-rerrefi to the long-Btanding j
ami important constitutional !
rule, observed by successive (
covcrnmenfs, that an incoming 1
minister was not allowed to see
the documents of his predeces-
sor m a government formed by
another party. To reveal t&e
advice .sought and givun might
well make the process of
government iwsre difficult. Sir
Kcnpi-th had slated.

Mr Brown said that ihe docu-
menrs included a letter from
Mr John Natl, when he was
Trade Secretary, Production of
that would mean, almost in-
escapably, that Mr Nutt would
have t»» give evidence about his
ihouyht proces&es, the ip-
tiuenov-s on him. and what had
been said m Cabinet.

" It would be unheard of,"

suggested Mr Brown.

The hearing continues today.

Taxes off
sick pay; !#
become law

If Eric Short '

THE GOVERNMENT’S plan
to bring - - sickness .-benefits
’ within the tax orbit, qostained
In the Social . Security and
Housing Benefits Act 1982i
received the Royal Assent on
Monday. .

The Act establishes the
Statutory Sick Pay
under which, from April 1983*
employers will, take over
from the social sccmffy sys-
tem the responsibaity for
paying employees in the first
eight weeks of sickness. The
scheme sets a statutory mini-
mum level of payment.

. As employees stay .on the
payroll, the sickness pay-
ments win he subject .ta tax
under PAYE. This’ *tebeme
. achieves the Government’s
objective of taxing Sickness
benefits, at least in, the first
' eight weeks of sickness- — . a
. period ' which accounts for
wen over 90 per cent off ,'sick-
* nes dates. ~ *'» '

v The payment wffl « Mi
-flat rale fusts, independent of'
marital ftatas ud family
sire, in- contrast to the present
social security system. Pay-
,-ipmt h related to the average ;
defeness benefit paid now and '
bn present L benefit .levels
f«iU hie ‘ £37 a week for
employees earning at least
' 160 a week.

The sickn e ss payments wm
he revised each April In line
with annual twice movements
on. the previous November-^
the month when social
security benefit* arc. uprated.
The forthcoming benefit up-
ratings have assumed a 9 . per
cent increase in the Retail ,
Price Index for the 12 months
to November 1982.

It also means that because
the employee remains' on the.
payroll,' both he . and 'Us
fmpkm will continue to pay

rowfl«ai>nl IflnK'T CHKVlMr

tions iu the first eight weeks .
of sickness. An rtnplo yee who
hi hot fcon.tractedout of tbe 1
state erinlngs-re&ted, pension
sriteme'.tvould pay an msur-
aocc rontrihutloq of- *3.22 a
wc*k tm'sick past of £37. His ;
chtfdoyfr wonld pay £5.03 a

These -+wi»' feafuircs mean •
that v«r few employees will
be bett«" off when sick 1 .

Bmptoyttrs will be able to
offSef stckhesG payments made
under tiM^new adtmne ggatrot -
tbeir Naffooa) taojuritnee com

The report acknowledges that
their .scientific,: standard^, are
well • -known'- * and- -weil

time cost up.. to 30 times the
cOmnterdaJ price. Rots bred
in-bouse' cost more than £30

respected."'-> r Neveatiioless, '" it' eadB whereas the market price
identifies scope for saving? of as is Less than £2 apiece, says the
much as 26 per cent isrsupport- report. •
staff and 25 per cent in support The review, cost =£350,000,
costs. ■■ - . excluding the time of establish-

Savings recommended indndp ■ meat staff consulted.

Econoiiiists propose two
iacomespolicy strategies

. . BY ROBIN PAtiLEY

TWO alterhative economic ^*i-
des, both of' vMifeh would in-
volve an incomro^poficy' and
Would produce growth irt out-
put nf more than 5 per ce&f-a.
year In I&84. are being proposed
at a conference in CainbrS^e.

The 1 first alternative td^e-
sent policies involves domestic
reflation with protection by the
imposition; of. tariff^., oa^rnanu-
iactined impocts. madman. " Ira
comes policy. Tbe other - ira
vtrives a -- genexal * Tcfiation-
aecomponied by an incteflrial
Investment, policy, andean in-
comes policy. •«*

Both/baVe an tecomes policy
as tne key, to stimulating : cut
■put -and enxpkjynxedt . gramreh
vtiffioat a return, to rapid' in*
fiation; according to. Cambridge
JEcommirtTics. 'Which;. ha& orga-
nised. the conference with the
Cambridge f ^.rowtlir Project.

.The, pro|eoffonist . . option
iotrdductiou of
sghsffi^B^reflalinnaxy .... pack-
ages in sne^essiye budgets from
fete i983 ,Bnwards. ImpMt tar-'

UEs Srouldf^tart at 15 pet cent
arid rise t«: -36 per cent by.. 1090.
(gbd strategy >itelud es a sterling
Mluation-'nff an assumption

that teadeS^unfi>os ctHape*iid
O^wages-^gd jifey. .

,'Tfee tarttf revenue* atte uswS

W* 'finance- and^affo* a

2(5 -per cent iJncrease . kn- real

personal tax^ ^owancesi from

86. . rj& >.

Retadiatlon^n tbe form of. Iff
per cent tariffs on Brltisb ex-
ports by ; tracer competitors . is
assumed as'. is . British with-
drawal front' tile Common Mar-
ket during 1984 with conse-
quent food price cuts and an

' end to. Britain's net contribu-
’ :'tion to tt»e EEC budget.’

, • The main benefit is described
as a- cut in unemployment to
/‘ISm by- 199ft compared with
^projected 3J2m under present
policies. A third of the extra
' jobs created would be in the
- 'Government sector.

The major cost is additional
inflation. Tariffs of 3ft per cent
by 1990 -could not sustain . out-
pat growth at more than 1,5
per cent' a year as inflation
would destroy the competitive-
ness of exports. Faster growth
.could be achieved by higher
tariffs, tougher incomes policy.-
deflation or another devaluation
of sterling.

' The investment package has
■ft- similar size reflation. It would
involve Government support for
' a number of key related manu-
facturing -mdue tries' to try to
, regain home markets lost to

«aport-penetration.

jv~R would also trye to estab-
extensive and competi-
ti*e manufa«iiring export base.
The total direct costs to the
rEasrhequer would be £7bn by
.299ft.

. During 1984-88 GDP is pro-
jected to rise by A6 per cent
a'i year.- and unemployment to
faH to 2JZm. Output growth of
2-8 per cent could be sustained
fit tbe longer term at about b
per cent a year faster than
raider current policies.

•. During 1987-90 the incomes
policy would have to be .tough-
ened to hold wage rises to about
10.5 per cenri with consumer
prices rising at about 9 per
cent.

De j^oreanplaiibacked

BY .OUR SaFAST -COfWESPONDSIT '

NORTHERN Ireland-based un- tium's. offer as far more sub-
secured cr e ators of De Lorean Jtantiai than' the continuing
Kotor Cans' agreed in Belfast nebulous proposals'’ from Mr
yesterday to continue support- Johia De Lorean, chairman of
ing the; e^brts o£ the joint . the U-S--hased De Lorean Motor
receivers to negotiate the sale’ Company.

dU .

r-" : ;•••

of the asswrtbiy operation.

The credit ^ra -said they undtif-
stood company could be
kept -in existence- until the end
of the year If that was neces-
sary to Had a buyer..

Mr Malcolm Steven*, chair-
man of the committee of local
unsecured creditors.-, said v i( bad
fianJbopes that (UscustibtteWfth

The current negotiations were
(be only lifeline which tbe
dosecured creditors had.'

-.' The creditors will meet' agita
at the end. of July to review the
position.

He said Mr James Prior, the
Northern Ireland Secretary , was
aware of the. content of the
present discussions. But credi-

conrortiUta.-rybuW -bear -tors feTt .the Government would-
froit faju* the creattors .could be sympathetic lo the needs of
t frgn> , nffi eci.. to recefye ^nK' -j SK consortium because of.

.. dewtrability of mamtaining
deicritaa tinnDK coritor^Jobs -in West Belfast

Financial Times Wednesday June 30. 1982

IX

UK NEWS - PARLIAMENT and POLITICS

Thatcher praises ‘good
sense’ of NUR delegates

Commons Sketch

Medals all round for flag waving

BY IVOR OWEN

RAILWAYMEN wife reported
for work on Monday in defiance
of the executive of the National
Union of Railway men and dele-
gates who Voted at the union’s
conference to suspend the ran
strike were praised by the
Prime M i ni s t er in the Commons
yesterday.

In some . notably restrained
comments on the abandonment
of strike on- its first day,
Mrs Thatcher contented herself
with thanking those who had
ensured that 41 good sense "
prevailed.

- She felt sure that her sense
of gratitude was shared by
. those who used the rail network
for persona] travel or for. the
transport of goods.

The Prime Minister rejected
a suggestion by Dr David Owen,
parliamentary leader of the
Social Democrats, that the
Government should amend the
Employment Bill during its
passage through the House of
lords to take account of the
“real lesson” of the rail dispute
—the need to extend and
enlarge the ' democratic proce-
dures of the unions.

. But while ruling out such
action in the current parlia-
mentary session, Mrs Thatcher
dearly raised the hopes of some
of her supporters who, like the
Social Democrats,' 4 favour the
wider use of secret ballots not
only to make strike decisions
but for the election of . key
union officers.

She stated: “ I hope one day
it will be introduced, before the
next general election.”

- Mrs Thatcher, linked her
acknowledgement of the good
sense shown by NUR members
over the strike with another
firm demand that all the rail-
way unions should now deliver
their outstanding commitments
bn . measures to improve
productivity. -

•' She said agreements had
been made covering six specific
areas, and so far, only two had
been implemented.

BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT

David Owen: "learning the
real lesson”'

The Prime Minister listed
these six areas as: flexible
rostering; experiments with
open stations; single manning ;
introduction of the train-man
concept (designed to end
demarcation disputes between
different grades); operation of
the new electric trains on the
St Pancras-Bedford service
without guards; and removal of
guards from freight trains fitted
with automatic brakes.

Mr Michael Foot, Leader of
the Opposition, suggested that
the best way to celebrate the
calling off of the strike would
be for the Government to
deliver the undertakings it had
given on railway investment

He argued that such a step
would not only be in the best
interests of the railway industry
but would also be a sensible
response to the . Treasury’s
decision to revise downward its
forecast for economic growth
this year. ^

Mrs Thatcher replied that
before decisions were taken on
further railway investment the 1
Government needed to be sure
that the expected return would

be obtained from Investment
which had already taken place.

She stressed that work on the
£L50m electrification of the St
Pancras-Bedford service, started
in 1976, was almost complete,
but there was no prospect of
a return on the investment
because disagreements- with the
unions meant that the equip-
ment was not being; used. • -

Dealing with the wider aspects
of. the outlook for the economy
fthe Prime Minister admitted
that the findings of the latest
Confederation of British Indus-
try survey were “ disappoint'
mg.” . They confirmed, she said*
that there had been some flatten-
ing out of activity over the last
six months or so. :

■ But the Prime Mi nister
emphasised that the GBTs
survey at the end of May and
tfie view of the London Business
School pointed to continued and
resumed recovery in the course
of the current financial year,
Mrs Thatcher added: “It is
■important that we keep inflation
going down and make every
effort to keep interest rates
doVm.”

Mr Foot asked how the Prime
Minister could reconcile her
reference to “ flattening out ” of
economic activity with earlier
statements forecasting an
economic upturn.

Further investment In the
railways, he insisted, would help
the economy. He also under-
lined his belief that Mr Sydney
Weighed, the NUR general
secretary, bad Justly, claimed
that bis members bad fulfilled
all their promises. Now. they
were waiting; for the Govern-
ment to do the same.

Mrs Thatcher then listed
earlier agreements on produc-
tivity wtakh had not yet been
implemented, and pointed out
that the external finance limit
for the railways this year was
IKXSttm, “the highest amount
ever."

Accord near on Falklands inquiry

BY OUR POLITICAL CORRESPONDENT

THE GOVERNMENT seemed
confident yesterday.. that it was.
closer to agreement with the
opposition parties on the form
of the inquiry into events lead-
ing up to the • Argentine
invasion of the Falkland,
islands.

An inquiry team of five
senior privy councillors is
likely to be set up later this
week with instructions to pro-
duce a fair and thorough report
by the end of the year.

Yesterday, at Question Time,
the Prime Minister said the
inquiry would have access to
documents and would be able
to interview and cross-examine -
civil servants and* Ministers
past and present. She said
there would be no constraints

on the questions they could ask.

.Mrs Thatcher continued her
consultations at Westminster
yesterday qver the form of the
inquiry by speaking to leadens
of the minority parties. . /.

Originally; it looked as if
there could be a row between
the Government and the opposi-
tion parties, over the Prime
Minister’s apparent determina-
tion to ensure that the inquiry
examined the attitude of succes-
sive governments towards the
Falklands, rather than just the
present government's handling
of the situation.

The Prime Minister is still
insisting that the inquiry should
look back over the past 20 years,
but she has apparently acknow-
ledged that since all govern-

ments have taken basically the
same attitude towards the Falk-
lands, the inquiry is bound to
concentrate on the events
immediately leading up; to the
invasion.' , „• .

Downing Street seemed opti-
mistic yesterday that the other
parties would be satisfied by an
undertaking k to publish the
report; by Christmas. This
would still be later, however,
than Mr Michael Foot, tee
Labour leader, would Bke. Be
has argued that the inquiry
should be asked to produce an
interim - report before the
summer recess.

The Prime Minister has
already canvassed a number of
names with the. opposition
parties, alihouffi no-one has yet
been approached.

Doubts on control of borrowing

BY MAX WILKINSON

SS JOCK BRUCE-GARDYNE,
Joonomic Secretary to the
Yeasury, said yesterday there
ouM be major difficulties an
living parliament control over
itibtic borrowing during the
ear.

He told the Select Committee
n Procedure that he did not, in
•riflciple, see any reason why
ar iiam ent should not monitor
he progress of public borrow-
ing if it wished. MPs mi gh t, on
he other - hand, find this a
ather indigestible task.

The idea of parliamentary
onirol over borrowing' was a
Efferent matter and was bound
o cause anxiety. “There has
een remarkable unanimity
aiong aH the witnesses that
here ate almost insuperable
roidems involved in the actual
ontrcd of borrowing, by which
oe presumably means some
ptnal numerical limit, 1 ’ Mr
(nice-Gardyne said.

The difficulty was that public
ormwing. represented the ddff-
rence between two very large
gures, total public expenditure
od Government revenues.

Partiament voted for two legs
E tias triangle, expenditure

and revenue, but it did not con-
trol the actual sums involved
because these were determined
by other economic and so cdal
factors.

Parliament: might, !for

example, vote for a particular
level of benefits, but it did not
determine how many people
would claim those benefits. On
the other hand parliament
voted for particular tax levels,
but Cbe yield of taxation would
depend upon economic activity.

Borrowing was the third leg
of the triangle. .If parliament
voted, for the first two .legs, it
could not also control the th ird
because that would depend on
the general state' of the
economy.

Mr Broce-Gardyue said: “You
have got to have some elastic in
the system and that elastic is
public borrowing.”

In voting for expenditure,
partiament was determining
the end and it could not- there-
fore easily refuse the means.

He said jparii ament might
also run into difficulty in
setting in limit to permissible
public- borrowing. If the limit
were too small the Government

wpulld frequently need to ask
for it to be increased and “the
thing would be brought into
contempt." If the borrowing
limit were set too high, parlia-
ment -would not have effective
control.

There was a further difficulty
facing MPs who wanted to
interpret borrowing figures.
The montly and ■ quarterly
figures which were published
were influenced by wide varia-
tions resulting from seasonal
and other special factors.

The way in which a set of
figures related to -an annual
borrowing forecast depended
on the levri of economic
activity, economic prospects
and other factors.

Mr Bruce-Gardyne said there
was therefore- .anxiety that
particular figures could have
more weight attached to them
than they could properly bear.

The House of Commons
Treasury Committee did already
receive regular figures on the
progress -of pufcMc borrowing.
It was therefore a matter for
Parliament to decide how these
figures should be made available
to the House.

PR ‘a safeguard for stability’

BY RIDDELL, POLITICAL EDITOR

E BATTUE to keep alive the
□paigo for electoral reform
bin, the Tory Party was re-
rod yesterday with a new
nphlet from Conservative
□on for Electoral Reform.

’he pamphlet, by Mr Miles
dson, a former Tory adviser
L vice chairman of the group*
lues for proportional repre-
’tation on the grounds, that
rould be a safeguard for the
bality iff British. institutions
inst unecessary friction
l tendon. He believes that
present first past the . post
tem of elections could lead
i unwanted extremism and
t this danger exists now."

'he Tory electoral reformers
cm the support of .more tfcanF
ifth of Tory MPs, including '
era! senior -Cabinet

listers. They ere very much
Hsadent group. -.within the

party against ."Mrs Thatcher’s
deep-rooted hostility to any idea
of proportional representation.
• This is -underlined in the
introduction to the- pamphlet
where . Mr . Cecil . Parkinson,
chairman of the Conservative
Party* dissociates himself from
it Mr Parkinson, says he does
not subscribe to the conclusions
advocated by the pamphlet
“nor da I believe that the
majority of the Conservative
Party shares the views ex-
pressed in it We- are, however,
an open-minded party and we
welcome informed debate on
issues about which some of our
party colleagues, feel strongly.”

The pamphlet does not come
down in favour, of any particu-
far method of proportional
representation, on which there
has been a vigorous debate
among Tory electoral reformers
as among supporters of PR

generally. Mir Hudson limits
himself to saying: “ It would be
arrogant to -pretend tint we can
possibly forecast or determine
Che result of necessarily com-
plex negotiations and compro-
mises, perhaps after the deli-
berations of a constitutional
commission or a Speaker's am
fsreace, •

. The paauphfet -contains some
favourable references, however,
to some versRKB of the additional
member system used in West
Germany where members
elected. in single member consti-
tuencies on the present system
are topped up to ensure greater
proportionality between votes
cast and seats.

. Electoral Reform,- the Con-
servative ViewbyMiles Hudson,
from Conservative Action for
Electoral Reform, 66, Queen
Street, Mayfair, London Wl, ,

THE SUDDEN resurgence of
British patriotism was still in
evidence in the Commons yester-
day with Labour MPS eager to
prove that they could wave the
flag just as well as their Con-
servative opponents.

The cult of nationalist nos-
talgia surfaced during defence
questions when the newly
knighted Sir Geoffrey Johnson
Smith (Oon East Grinstead)
asked the. Government to recon-
sider its refusal to award a
campaign medal to those who
served In the Suez Canal zone in
1951-52.

For people whose memories
do not go back that; far, he was
referring to the time when
British servicemen were still
trying to ding on to the Canal
despite the determination of the
Egyptians to take it over.

When Mr Jerry Wiggin,
Defence Under Secretary, again
rejected the appeal for a medal.
Sir Geoffrey waxed highly in-

dignant, crying oat that it was
time this injustice was remedied.

The Minister tried to smooth
his ruffled feathers by con-
gratulating him ou his knight-
hood,. a compliment which
brought raucous Labour sugges-
tions that the irate back bencher >
should himself be awarded a
medal Not to be placated Sir
Geoffrey then .announced that
because of the unsatisfactory
reply he would raise the matter
at a later date.

Arctic exercise

As the House turned its atten-
tion to the adequacy of British
equipment in the Falklands,
Labour MPs let it be known that
they were as concerned as any-
one about the -comfort of our;
lads.

Mr Alec Woodall (Lab,
Hemsworth) gave a solemn
account of how he had shared
the hardships of British troops
during an Arctic exercise in
Norway and had found their
clothing satisfactory in every
respect. “Give him a medal

too," Ehouted Tory back
benchers good natu redly.

Their amusement soon
turned to incredulity, however,
when Mr David. Stoddart (Lab,
Swindon) called on the
Ministry of Defence to reverse
its decision to dose the RAF
station at Kemble near his con-
stituency. Apparently Mr Stod-
dart wa$ all in favour of the
base remaining 'open even if
this meant the U.S. Air Force
taking it over.

The prospect of any Labour
MP demanding the return .of
the Yanks to British soil tickled
the imagination of Tory MPs.
Their jeers redoubled when Mr
Stoddart angrily protested:
“ Many of my : constituents
work at Kemble. They believe
there is a continuing need to
keep it open. ”

A little later, that quixotic
figure, Mr Robert Atkins (Con,
Preston North) embarked on an
exercise in- patriotism which
proved just loo much for the
Labourites. He tried to intro-
duce a Bill moving the bank

holiday from May Day to April
23, St George’s Day and
Shakespeare’s birthday, or
alternatively to the .Queen’s
Birthday.

It was time, he thought, that
the 'politically motivated
decision of 2976 was reversed.
The holiday should be moved
to a date more in keeping with
the traditions . of England
instead of “a workers’
jamboree . more readily
associated with the march
through Moscow displaying all
the military might and hard-
ware of the Communist bloc. ”

Founding member

Mr Atkins’ . interpretation
seemed to -depict St George as
a ' founding member , of the
Conservative Party symbolising
the forces of light overcoming
darkness and the triumph of
order over chaos and
disintegration.

Opposing the Bill from the
Labour benches Mr Stan
Thome (Preston South) also

BY £UNOR GOODMAN, POLITICAL CORRESPONDENT

THE LABOUR leadership’s
proposals for dealing with
Militant could lead to a break
up of the Tribune Group in
its present form.

About a dozen MPs on the
far left of the party are
expected to meet soon to con-
sider setting up a new left-
wing group at Westminster
committed to fighting the
proposed register of Labour
groups.

The Idea of forming a new
group at Westminster to the
left of the Tribune Group,
which traditionally represents
left-wing -opinion at West-
minster, has been mooted
before.

It was ranch discussed just
after last year’s party con-
ference, when Mr Tony
Beam’s bid for the deputy
leadership led to serious div-
isions within Tribune. Now,

it seems to have been given
new impetus by the split
within the Tribune ranks
over bow to react to the pro-
posed register of Labour
groups.

On Monday, Mr Reg Race,
and 19 other MPs on the far
left of the party, failed in a
bid to commit the Tribune
Group against registering.
Now some of them are
thought to be considering the

idea of a breakaway on the
grounds that there should be
some focal point at West-
minster for the campaign to
save Militant from expulsion.

Some MPs on the far left,
however, are arguing that
they should continue to work
within Tribune and that they
would weaken their position
by going it alone.

The two strands of left-wing

Robert ‘Atkins: critic of the
workers’ jamboree

claimed the backing of
immemorial tradition for the
retention of the May Day holi-
day. He appeared to share
Wiliam Morris’s vision of t he
Middle Ages as a time when
honest British craftsmen
demonstrated their sense of
community by dancing round
the Maypole.

In any event, Mr Atkins'
mystical brand of patriotism
failed to persuade enough of
his fellow Tories to vote tor
the Bill and it was rejected by
a majority of 23 (148-125).

Militant

opinion within the group
have become increasingly
polarised in recent months.

Earlier this year, sup-
porters of Mr Tony Benn
effectively gained control or
Tribune newspaper, which Mr
Michael Foot, the party
leader, used to edit The
newspaper has moved sharply
to the left as a result, in-
furiating many old school
Tribunites.

Now

First in Dallas

becomes

the "First” in

InterFirsL

With over a century of Texas banking
behind us, First National Bank in Dallas
now takes a bold step into the Urture.
Effective June 30, 1982, our name is
InterFirst Bank Dallas, - lead bank
of InterFirst Corporation.

What was First in Dallas now ‘
becomes the “First’ in InterFirst
The equity in our past becomes
the foundation of our future.

Our new name clearly identifies us
with more than 50 ot her In terFirst banks
in Texas. Together, arm we comprise
the largest banking p || organization •
in the Southern and 1 1 Southwestern
United Slates, with ai combined -
asseis of over $1 8 billion. Big enough to
help you get whatever results you want

Now unified in name; InterFirst banks
and offices across Texas and around the ■
world will place our financial
resources nearer to your
needs today. And help us >
produce even greater results for you in the
days ahead.

. During our 106 years of growth, we’ve
faced many changes. And each time
those cha ngeshave come, new strength

with them. We.look forward to servingyou
as InterFirst Bank Dallas. Proud of our past
Confident of our future.

to get tie results you want

If

InterFirst

InterFastBank

Dallas

Dallas, Texas 75283/New York/Denver/Tulsa / *

«>naonff^s/Bahrain^ Kono/SaoPauIo/Grand Cayman Member FDICl

.A

12

Financial Times .Wednesday Jiinfe 30 j^2

UK

Urgent call
to heal

split among

rail unions

6 / Philip Labour

Correspondent

THE TUC is to convene
urgently a meeting of the
Rail Federation— the umbrella
body covering British Bail’s
two mannal unions— in a
move to prevent the failure
of its initiative to bring the
two unions into closer work-
ing.

The federation — the mam
hope of achieving the long-
term aim of 'merging the NUB
and the train drivers' onion
Aslef — is clearly teetering
dangerously on the point of
collapse.

Since the efforts of Mr Len
Murray, TUC general secre-
tary, finally led to the annual
conference last year of both
unions accepting the idea* the
federation has not actually
met once.

The latest meeting deferred
'was one set for last week
between the executive of both
onions, to be chaired by Mr
Murray.

This was cancelled because
of the then-impending NUK
strike. This meeting is now
being rearrange d, fo r after
.the end of the NUR confer-
ence in Plymouth.

Calls for the NUR to with-
draw from the federation
were strongly made by dele-
gates to the conference at
Plymouth yesterday. NUR
members are particularly
annoyed that while they re-
fuse to cross picket lines dar-
ing the Aslef flexible roster-
ing dispute earlier this year,
Aslef members went to work
during the NUB's strike on
Monday

In return. Aslef is angry
not only because the NUR
agreed to BR’s proposals on
flpxible rostering, bnt that
Mr Sid Welghell. NUR
general secretary, was openly
critical of Aslef for refusing
to do so.

However, NUR left-wmsrere
said that relations between
the two unions were in the.
main enod, but that there was

a clash «f nersonalifr^s
between Mr WeigheH and Mr
Ray Buckton. Aslef general
secretary.

In his annual report yes-
terday to the conference. Mr
Weighell said that there were
a number of Instances in
which Aslef had broken the
terms of the original agree-
ment drawn up by Mr Murray
which set up the federation.

Acas to act in health service dispute

BY BRIAN GROOM. LABOUR STAFF

MR PAT LOWRY, chairman of
the Advisory Conciliation and
Arbitration Service (Acas) has
agreed to intervene once more
to seek a solution to the
National Health Service pay
dispute.

This time he will act in his
capacity as Acas chairman. Pre-
viously he acted as go-between
in a personal capacity, at the
request of Mr Norman Fowler,
Social Services Secretary.

The TUC Health Services
Committee asked Mr Lowry to
step in again. He will meet
members of the co mmit tee on a
date to be arranged, and may
then seek another meeting with
Mr Fowler if he judges it to be
worthwhile.

It is unlikely that the TUC,
which is seeking 12 per cent

rises, will put new proposals to
Mr Lowry. It is concerned, how-
ever. that some form of com-
munication should continue
after its rejection of the Gov-
ernment’s Improved 6 per cent
to 7.5 per cent pay offers. But
with Mr Fowler insisting that
the offers are final, it is difficult
to see what Mr Lowry cast
achieve.

The management side of the
Nurses and Midwives Whitley
Council yesterday met. to for-
mulate a new detailed pay offer
to the 480,000 nurses, adding up
to 7.5 per cent of the total pay
bill. It will give rises of
between 6 per cent mid 10.4 per
cent. •

Senior nurse managers would
get 6, per cent, staff, nurses,
ward sisters and other clinical

grade 7.5 per cent, and nurse'
tutors between 5 per cent and
1Q.4 per cent.

The Health Department said
this would give a staff nurse
on the top pay grade an extra
£7.81 a week on her present
basic pay of £104.06-- Top-grade
ward sisters would receive
£10.38 on their- basic of £138.37,
.while a top-grade clinical
teacher would get £14 on top-
of the present £144.81.

The offers did not impress Mr
David Williams,- the noises'
staff side leader. “We will not
be drawn into discussion or
negotation about any offer
within 7.5 per cent” he said. .

. The National Union of Public
Employees attacked the Health
Department’s figures as mislead-
ing, . and based . on small

numbers of higher grades-.

A staff nurse on . the bottom
-grade would' receive £1.06 *het
after tax and .other deductions,
and increased meal and lodging
charges. Nope arid- A third-
year student 'nurse would get
£1.15. net on .the. same basis, and
nursing- auxiliaries in hospitals
would -be 9)> a , week, in deficit.

Mr Albert' Spans wick, general
secretary of- the Confederation
of Health. Service Employees
and' chairman, of the TUC
Health Services Committee,, yes-
terday sent air open. letter' to
the 480,000 hones, urging them
to stand firm -and reject the 7b
pea* cent offer.'

• Many routine operations at
dozens of hospitals in South
London, Sumy, Sussex' and
Rent wil] have to be cancelled
because , of a shortage of -blood,

Pressure for ‘shorter work life’

BY JOHN LLOYD. LABOUR EDITOR

THE PRESIDENT of the Con-
federation of Shipbuilding and
Engineering Unions yesterday
gave notice that the country's
engineers would continue to
press for a “shorter wording
week, a shorter working year, a
shorter working life."

The confederation has 17
affiliated unions and 2.5m mem-
bers in the engineering, ship-
building and aerospace indus-
tries.

Mr Gerry Eastwood, general
secretary of the Patternmakers
Association, told the confedera-
tion’s annual conference that
the unions would be pressing
for a reduction in working time
during next year’s negotiations
with, the Engineering Em-
ployers’ Federation.

The 39-hour week was won

last year after a long series of
strikes in 1979. The agreement
prohibited the CSEU from rais-
ing the issue until next year.

Mr Eastwood’s opening
address to the Llandudno con-
ference was a sombre one, in
tune with .reports from CSEU
district comittees which built
up an almost wholly unrelieved
picture of engineering industry
decline.

Every one of the 40-plus re-
ports noted increases in unem-
ployment. plant closures and
short time working.

Delegates to' the conference
most of whom are foil-time
officials— expect no upturn in
their industries over the next
year. They believe they will see

a continued high level of redun-
dancies, even in normally
buoyant areas such as aero-
space. -

Mr Eastwood said the decline
in engineering had. been “trau-
matic." He said there were
more bankers, shopkeepers,
quantity surveyors, dentists and
receivers—" especially the lat-
ter ” — than there were blue
collar workers.

“To sustain and improve our
services we must first of all
create the wealth, and with all
its problems the engineering
industry is still the largest
wealth creator .in this country."

The Government had done
notiring to relieve the crisis
faring the industry and had
done little for young people, he
said-

Problems over 39-hour accord outlined

BY OUR LABOUR EDITOR

THE INTRODUCTION of the
39-hour week into the engineer-
ing industry following a series
of strikes in 1979 has caused
protracted local struggles
between management and
unions over the past year.

Reports from the districts to
the annual conference of the
Confederation of Shipbuilding
and Engineering Unions on the
first full year’s implementation
of the 39-hour agreement shows
that unions found employers
determined to reduce or elimin-
ate the cost effects of the time

reduction by cutting back on
rest periods.

The BL “tea break striker of
last, year was the most highly
publicised attempt at cost
savings following the shorter
week’s introduction — but the
CSEU district secretaries* re-
ports make clear that British
engineering has seen numerous
unpoblicised disputes.

Reports from Coventry and
Birmingham implicitly- criticise
the CSEU for lack of precision
and for conceding too modi in
productivity when achieving the
38-boor week.

Birmin gham ’s district secre-

tary says: “A great deal of
dissatisfaction has been
expressed by representatives of
tine affiliated unions as a result
of employers trying to daw back
the one hour’s reduction by
removing or reducing personnel
time allowance.

“ The consensus of opinion of
the affiliated unions was that
any further reduction in hours
should be more dearly defined."

The Colchester district secre-
tary claims that the 39-hour
week agreement “caused more
problems than _ any other
national agreement I' can
re m ember." ' .

6.8% deal
likely for
Bank staff

By Bttan Groom, Labour Staff

THE. BANK of England seems
-set to reach a fiB per cent
pay deal with' 4^00 of . its
employees — well below this
year’s &J5 per cent .settlement
in - the Vn gluli clearing
banks.

A &5 per cent offer has
been rejected by the Bank of
'England ■ Staff Organisation.
However, the union has cut
its claim from 93 per cent to
7 per cent - -

. The governing Court of the
Bank meets tomorrow and- is
unlikely to go as high as 7
per cent, but it roay.agree to
offer 6.8 per cent — which the

staff organisation. __ _would.

accept. The increase could
.then be paid from the July 1
settlement date.

The Bank has offered an
extra day’s leave for some
workers in . lower grades,
increasing the lowest entitle-
ment to 21 days a year. The
union was seeking three extra
days. '

'• The staff union is thought
to be unique in the City,
because its members are
caught up in public sector
cash limits. The Bank argued
that the R5 per cent offer was
consistent with the Govern-
ment's 4 per cent pay provi-
sion, as' the extra 2.5 per cent
would be Sftanejnd from staff
savings.

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ART GALLERIES

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TENDER REF : EMIRTEL 88/83

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COMPANY NOTICES

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MCE

llrtlW

V CORPORATION

(formerly Nfcbmien Co., Ltd.—
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5-3/4% Convertible Bonds due 31st March, 3997
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The Oxnpanx furthermore, wishes hereby to notify the holders jff

the5-3/4^o Comertibfe Bonds due 31^ March, 1997 (the“Bo«y 0
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^riwtnen Cefp nralkm

PUBLIC NOTICES ART GALLERIES

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Journalists

backprint

technology

in Lords against

L; V" "

flexibility union choice ruling

Rjr iyo Dawna^ labour Staff
MR KEN ASHTON. ' general
secretary of the-Naftansl Union
of Joomalists.yefiteniay backed
an jititiatiYe for moreffexibility
by. the print unions <m the use
of sew. technology in-national
and pFovincial newspapers.

■ Mr Joe Watie, National
Graphical- Association’s general
secretary, had. warned on
Monday ; that Xh% newspaper
industry would • .coEapse if
agreement was -not: readied
soon on allowing, j ournalists and
telephone .adyertisx^ ;. staff to
hare' • direct access: in ; print
computers. ">•

Mr Ashton told' the. NGA's
bieuniel delegate ’meeting in
Eastbourne that, any moves
would hare to be-.in&de by the
print', unions acting together.
He gave ■ on undertaking that
any deal on direct' imputing to
computer* would hot involve a
loss of jobs;

' “Even under a joint agree-
ment. that functaon. 1 (direct
imputing) would be limited and
controlled ".

•Mr Ashton linked the
initiative to talks on amalgam-
ation between the NGA . and
NUJ. “ Printers and journalists
must be' ready with' a strong
amalgamated. . trades /: union
orKanisation,’’. ;

- He said a package ot pro-
posals on amalgamation will be
submitted to the NTJJ’s con-
ference next year, with a
recommendation that- a ballot
of members be held. ■

However, officials' of -both
unions believe privately . that
organisational problems . and
shop floor opposition :- to. • a
merger will rule out any agree-
ment for some' years. • v - •

Mr Owen O’Brien, general
secretary of ■ the . National
Society of Operative Printers
Graphical and Media Personnel,
has welcomed Mr Wade’s call
for new agreements- on com-
puter technology. “ We have
got to reach some: aepommo-

BY IYO OAWNAY, LABOUR SJAFf

THE- TUC as to. commit siti*
stantial_ funds 1 to an appeal -to
the House of Lords against the
recent judgment :r tp allow
workers the right to jdin’ lhe
liyhfnn 'nf their choice^'

. Mr. Leh Murray, the .TtfC
general' secretary, told the
National Graphical Association's
blecai^ delegate . .meeting at
Eastbourne, tint the ruling was
“palpable • 'nonsense’’' and
would lead to; chaos in indus-
trial- relations . if it were- not
overturned. .

The case stemmed -from- Mr
Ernest CheaH, a security -officer,
who had. left the Tranfii)ort and
General r * Workers’ Union
(TGWU) to join the Association
of Professional Executive and
Clerical 'Staff (Apex): The
TGWU invoked the TUC’s rules,
on inter-union recruitment; and.
after a- meeting of the TpC’s
disputes . committee, Apex
agreed . to . cancel Mr Cheall’s

mendiershqh '• - ; j-y P

But. this month tn tim Uotat :
of Ap^al, l^rdpehning foaM
jn favour of Mr /.CheaU.-aqd
erderedhis - mnstatemeEEt^fe
a '-majority * jtid^enti^Xord
•n Anning glaimed tfce'TBG,

. cvomstittee-ltad-ho mtiSorit^to
order' the exp^laion’^of'a worker
from s ’ iiflKwi and that -all

workers bad ^the' right to. : join

. any' union their. choiTOi ' TM
judge also.'safd that the/expuf-
■Soil -'of a' worker from Timon,
without soffideut rgrounds. was
contrary to .the Eurpppsm Gcm-
ventjion on Hiiffl&h IQgfrts.' ;

“ Mr Murraar . 1 .

that. - If -tiie-' judgment - Were
allowed .-stand,-.: it,, . would

invalidate coutrtless, agreemsits
between unions and, .'manage-'
meats. “ It Would disrupt staifle
bargaining positions ahd -reduce
industrial relations to chaos; We
just- can’t liye“iwith . thas" judg-
ment,* he said.- ■ ■-•- u •"

dation with each other or we
will all sink together".

Natsopa, which formally
merged with, ihe Society _pf
Graphical and Allied Trades at
the weekend,’ represents among
others newspaper advertising
staff who have long sought
access to computer terminals.

• The first major opposition to
a -revisioa of agreements on
direct imputing to computers
is' expected at the -NGA
conference tomorrow. Several
delegates, particularly those
representing Fleet Street news-
papers. are likely to use debates
on new technology in the
provincial and national press
as opportunities to express
their determination to maintain
the sole right to control tire
imput of material.

Sealink strike
call defeated

A CALL 'for an immediate
strike against Sealink UK was
narrowly defeated yesterday at
the National Union of Seamen's
(NUS) Harwich branch.

The call followed the decision
by Sealink last. week to guaran-
tee no redundancies before the
end of the year at Harwich, in
return for agreement on new
rosters which will cut ratings'
earnings by up to 28: per cent

For additional copies of

published on June 21

- '■ ’ V- b-' r* : y sy

please contact ^ 4f

8 WjudianiSfrefet ‘
Hang Kong Tel: 5^226843

or

Clive, Radford

Financial Tun^ ;; y -
Bracken House y

■ v 10 Cannon Street
Lend<m EC 4 B 4 BY
Tel: 01-248 8000

EUROPE^ BUSINGS NEWSPAPER

COMPANBIA VALE DO RIO DOCE

BRAZIL

TIE PLATES

CARAJAS IRON ORE PROJECT
NO. CA-0I4

CVRD — Companhu Vale Do Rio.Dqce, will ^tir chase 1,010,000 Tie

Plates through international competitive bi

CVRD is apjdying for a loan from the International Bank for
Reconstruction ana Development - (World Bank) , towards the 1 cost of
Carajas Iron Ore Project and intends to apply the proceeds of this loan
to eligible payments- under the contract for which this , invitation to
bid is issued. "

Participation in this bid is limited to suppliers established in ail
member countries of the World Bank, as well- as in Taiwan and
Switzerland.

The instructions, specifications, and forms which comprise the bidding
documents will be available upon written- request to the Purchasing.
Manager, accompanied by a non-refundable payment of US? 100 (ONE
HUNDRED DOLLARS) or the equivalent in other currencies, u ntil
July 26, 1982, at the : following address: •

COMPANHIA VAU5 DO RIO DOCE— CVRD <
SURERINTENDENCIA DE COiHPRAS E liJATERI^i^!^
RUA SANTA LUZIA, 651-31 ANDAR' 1 . - :

CEP 20030 — RIO DE JANEIRO — RJ . : 7 .v

BRASIL ■ U tv r; i^'-

TELEX: (021) 23205, (021) 21975 : ?,ii

Sealed bids will be received'at the above-inentlonecl 'a'ddr&S' : iia#
September 2nd, 1982, at 2*D0 pm, Rio de Janeiro time. ' : : ?/

other currencies.

accompanied

CY-1HOUSA1S

RIO DE JANEIRO, JUNE 30, 1982

PURCHASES AND MATERIAL SUPERINTENDENCE?

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Financial Times Wednesday June 30 19S2

12

GARDENS TODAY

A sharp eye on colours

BY ROBIN LANE FOX

HOWEVER small, gardens. I they have to be placed with
think, should control and plan groat care,
their colours. Even if you opt This year. I am working on a
for brightness and an abundance border which is to be limited to
of flower, you should still plan whites and reds in isolation. It
the range in which you want to has come about by accident but
be exuberant. X am keen on my plan for it

If you mass yellows and and will pass it oo. In the past,
orange or reds and yellows, you its bed has been dominated by
double their effect. If you limit some big tree-paeomes. Their
yourself to pinks, lilacs and leaves are handsome, but they
purples, you end up with some- are that yellow-flowered variety
thing far prettier than you which hides its head among the
might imagine.

Colour planning does not en-
joy much of a following among
gardeners. They tend to feel
that they can mix all their
plants together in the name of

branches and drops its flowers
before they make much impres-
sion.

Perhaps the losses of the
recent winter have made me
more savage, but having lost

natural harmony or some old several large shrubs, I am not

cottage” profusion. The best
cottage gardens, however, keep
a sharp eye on colours and do
not mix everything up in a
jumble. It is a myth that there
are no clashes in nature and
that all flowers blend together.

Colour planning, I suspect,
has also not caught on because
it has so often been an excuse
for pallor and insipidity'. White
gardens were all very well, but
by the 19S0s. we have surely
seen enough of <tiiem. I have
nothing against pale colour
schemes. Among flowers. I like
pinks, whites, milk-blues and
clear lemon-yellow in combin-
ation. However, these are only
one among many possible har-
monies, some of which are far
bolder. Reds, yellows and
oranges can be just as magnifi-
cent against a suitable back-
ground.

Only when all colours are
combined without thougbt do
they lose their impact. Some
flowers, too. have a shape and
habit which accentuate their
strength and colour to excess.
I have a weakness for very
red-hot pokers, but in gardens

in a mood to put up with others
which are large but tedious. I
could grow a clematis over
them, a pleasant use for these
climbers which we ought to
practice more often. But I think
I prefer to change the colour of
the bed.

Between the paeouies. several
white-flowered shrubs have
already crept into the back-
ground. The white-flowered
Deutzias are particular
favourites of mine, and if only
they were scented they would
rank at the top of my list of
garden shrubs.

A developing bush of the
elegant form called Longifolia
gives me a white background in
June, while a branching bush
of a curious form of privet,
called Quihoui, carries on the
effect in August. This is an easy
and ignored shrub, precious
because it flowers so late. The
winter did not trouble it and
its leaves are not so dull as
those on clipped privets in
garden hedges.

Between, as always, the forms
of orange blossom, or Phila-

delphia, cotne and go because
there is nothing in this family
which I can resist. White phlox,
white valerian and a clump of
the white tradescantia. an easy
but forgotten plant, have crept
into the gaps. If I added a few
wbite roses and some white
campanulas, I would be back
with another white border in
the manner of 1950s Hampshire
taste.

Instead I plan to strike out
with strong reds and scarlets
among the white. The strongest
red comes from a scarlet-
flowered border plant which is
called the Jerusalem Cross.
This, listed as Lychnis chalce-
donies, is a tough and easy
plant which grows by tire
hundred from a seed packet. It
is less common nowadays and
at a height of three feet, its
flat heads of small flowers in
late June light up an entire
border. White, I hope, will tone
it down among scarlet Sweet
Williams, red Aquilegias, red
poppies and the annual red flax
which grows so freely from
seed.

The poppies will include a
lovely small annual variety
called Commutatus whose
flowers are marked with a black
blotch. It, too, grows freely
from seed, along with the scar-
let musk called Ml mul us cardin-
alis which gives a good scarlet
at a height of two feet. From
seed, I will add the invaluable
Geums for early June, flowers
which start to dwindle after two
years and are best. I find, if
kept up by fresh sowings or by
division. One called Fire Opal
is especially bright, a cheerful
choice for a new, bare garden.

Later in the summer, reds
seem no less abundant. White
and scarlet phloxes without any

fitly

will cheer up July, while white
and red sweet peas and dark
red nasturtiums can fill in any
gaps. In poor soil, of which
I hare plenty, herbaceous
potentillas flower profusely,
and the best known is Gibson',
Scarlet, a sprawling plant which
is true to its name.

I will exclude modern red
roses because their shapes are
stiff and their flowers turn such
sad colours in very wet or very
dry weather. Instead. I will go
for broke on the best new border
plant of the past ten years
Blooms' extraordinary Crocos-
mia called Lucifer bred at the
Bress Ingham Gardens. Diss
Norfolk. This brings a red
border in August within reach
of those who cannot risk the
deep scarlet forms of lobelia
outside the hard winter.

Like a montbretia. Lucifer
has fiery red flowers, held - flat
on strong stems above its vigor-
ous sheaths of pointed green
leaves. The past winter killed
none of it outdoors, so Its hard!
ness is beyond question.

In August, it lights up the
garden before the small scarlet
dahlias, an easy plant from
clusters of conns for any open
sunny soil. About three feet
tail, it will become the back-
bone of my colour plan, among
tbe whites of mallow, tobacco
plants and hardy agapanthus.

The Idea, as you see, Is run-
ning far beyond the length of
one bed. By limiting your
colours, you begin to look at
new plants from a different
point of view. You also keep
nature in order, a principle,
in my view, of the best-designed
gardens in this country.

BBC i

TELEVISION

6.40-7.55 am Open University.
10.55 CrickeL 1.20 pm News.
L37 Regional News for England
( except Loudon). L40 Over the
Moon. 1.55 Wimbledon *82: The
Men's Singles Quarter-finals. 4.18
Regional News for England
(except London). 4.20 Play
School. 4.45 Joey and Redhawk.
5.05 Newsround. 5.10 Wildtrack.
5.40 Evening News.

6.00 Regional News Magazines.
6.17 Nationwide.

&35 Wimbledon "82: Highlights
of today's play.

7.30 Great Movie Stunts —

Tonight’s Choice

Two contrasting highlights tonight— The Kenny Everett Tele-
vision Show on BBC 1 and Karl Marx in London on BBC 2. On
second thoughts they both share a revolutionary attitude towards
Establishments. The Eeverett is a compilation of the best bits
from his recent series, which as well as being often very funny
and very innovative showed none of the reverence for traditional
BBC attitudes which a man whose livelihood, has waxed and
waned depending on his battles with the Corporation might be
exoected to have developed. He remains his own man and
although sometimes shocking for the sake of it deserves his
current success. •

The more Marx becomes discredited as a philosopher the
stronger seems his influence. Asa Briggs is the guide for a tour
Raiders Of The Lost Ark: . round Man’s London: he spent 34 years there, progressing from
A behind-the-scenes look -Soho poverty to Kentish Town prosperity,
at how the film stunts ITV is mounting heavy competition with the first episode of
■were accomplished. Something In Disguise which Elizabeth Jane Howard has adapted

from her own novel. On the basis of reading the first chapter
this is a witty and perceptive family saga and with the author
transfering it to the screen its strengths should be maintained.
Richard Vernon, Ursula Howells, David Gwiliim, and (most, of
all) Elizabeth Garvie star.

8.20 The Kenny Everett Tele-
vision Show: A compila-
tion of the best moments
> from his recent television
show.

9.00 News.

9.25 Chicago Story: This week
“ Bad Blood," the shooting
of a young patrolman.

10.35 World Cup Report: The
BBC team look forward to
the remaining games.

11.03 News Headlines.

1L05 George Burns in Nash-
ville ? ? ? with guests

Loretta Lynn, Larry

Gatlin and the Gatlin
Brothers.

11.3 5-12.00 Weatherman.

ANTONY THORNCROFT

BBC 2

10.05 am Gharbar.

10.30 Play School.

1L55 Wimbledon/Cricket.

12J30 pm Open University.

L20 Cricket and Wimbledon
'82— Cricket: The Benson
and Hedges Cup. coverage
of one of today's semi-
finals: Tennis: The Men's
Singles quarter-finals.

8.10 News Summary.

8.15 The Man Alive Debate.
9.00 Butterflies.

9.30 Karl Marx iu London.
10.00 Wimbledon B2: Match of
the Day.

10.50 NewsnighL
11.35-12.10 am Cricket: The
Benson and Hedges Cup:
highlights.

LONDON

9-30 am World Famous Fairy
Tales. 9.45 Patterns. 10.15 The
Moscow School of BalleL 11.10
Struggle Beneath the Sea. 11.35
The Greatest Thinkers: Freud.

12.00 We'll Tell You a Story.
12.10 pm Rainbow. 12.30 The
Communicators. 1.00 News. 1.20
Thames News. 130 Look Who's
Talking. 2.00 After Noon Plus
Revisited. 2.45 The Six Million
Dollar Man. ’3.45 Three Little
Words. 4.15 Speedy and Daffy.
4JJ0 Storybook International. 445
Andy . Robson.-'. 5.15 Aroiihd
London.

5.45 News. -
6JM) Thames News.

6.35 Crossroads.

7.00 Where There's Life.

7.30' Coronation Street

8.00 The "Best of British:
Beany Hill Show.

9.00 Something in Disguise:
Richard Vernon; Ursula
Howells with . David
Gwiliim and Elizabeth
Garvie in “ Flight"

10.00 News followed by Thames
News Headlines.

10.30 Janet and Company,
starring Janet Brown.
1L00 World Cup "82 Preview.
11.40 Kaz: Ron Leibman in “A
Fool For a Client":
12.35 am Sit Up and Listen with
Tim Beaumont

Because of the World Cup
coverage programmes may he
subject to alteration.

vindicates programme In
black and while

All IBA Regions as London
except at the following times: —

ANGLIA

6.00 pm About Anglia at the Royal
Norfolk Show. 10.00 Nows followed
by Anglia Lata News. 11.40 The Jazz
Series. 12.10 A Personal View.

BORDER

9.35 am Buoblifls. 940 T.ia Gilts al
Earth. 10.05 Tarza.-i 10 45 Our Natural
Environment. 11,00 Sesame Street.
1.20 pm Bonier News. 2.4 5 Charlie's
Angels. 5.1S Survival. 6.00 Locikaround
Wednesday 10.00 News. Border
Waa titer. f* 40 Border News Summary.

CENTRAL

9.50 Bin The last Days of Living.
10X5 The Crazy Gang In. 1-20 pm
Central News. 2.45 The Badv Human.
5.15 DIB - rent Strokes. 6.25 Central
News 10.00 Nows ijMowcd b/ Central
News Headlines. 11.40 Replay: Crisis
—One Step Dorm, stars Ida Lupins.

CHANNEL

1.20 pm Channel Lunchtime Newt.
What's On Where, end Weather. 1.30

Lock Whc's Telking. 2.45 Tha Last of
Summer. 6.00 Channel Report 10.2B
Channel Late News and Weather. 11.40
The Monte Carlo Show. 12.35 Nows
and Weetner in French followed by
Epiogue.

GRAMPIAN

9 30 am First Thing. 9.3S Sesame
Street. 10.35 Ca'I lr Macaroni. 11-00
Thunderbi.-ds: " Operation Crash Divb.”
11.50 Larry the Lamb. 1.20 pm North
News. 2-45 Trapper Jonn. 5.15 Mr
Merlin. 6.00 North Tonight and Area
Weather. 10.00 News a: Ten followed
bv Reflections. 11.40 Secchd Laithejn
12.10 am North and Area

Weather Forecast.

GRANADA

9.30 am Bubblies. 9.40 Ts-.e Gift ■:!
Earth; Fiji 10.00 Tarzan. 11.00 Sesame
Street. 1.20 prn Granada Reports. 2.00
Bask ro Square One. 230 Putting On
The Style. 2.45 Play It Again. 3.15
Arthur C Gierke's Mysterious World.
E.00 This Is Your High* 630 Granada
Reports. 11.40 Dear Detective.

HTV

9.40 am Beachcombers. 10.05 Mr

Magoo. 10.10 Where Did tne Colorado
Go? 11.00 Sesame Street. 1.20 pm
HTV Nows- 2.45 The Dance Goes On.

4.15 Ask Oscar. 4.45 Andy Robeon.

5.15 Stingray. 6.00 HTV News. 10.28
HTV News. 11.40 Ladies' Man.

HTV Cymru/ Wales — A s HTV West
except: 12.00-12.10 pm Ty Bach Twt.

4.15 Here's Boomer. 4.45 Uvgad
Bar: <id, 6.00 Y Dydd. 6.15 Report
Wales.

SCOTTISH

10.00 am Wilderness Alive 10.50
The Amazing Years of Cinema. 11.15
Patterns. 11.40 Mew Glass. 1.20 pm
Scottish Ncvrs. 1.30 Halas and
Bachelor Cartocn. 1.40 Feature F'lm:

Romeo and Juliet. ‘ 5.10 Traveller’s
Tales 6.C0 Scotland Today followed by
Action Lme. 6.30 What's Your Problem*
10.00 Nevrs and Scottish News Head-
lines. 11.40 Seachd Laiinean. 12.10
am Late Call.

TVS

10.00 pm News at Ten followed by
TVS 'News, n.40 Jazz and Blues:
Spyro Gyra. 12.15 am Company.

TYNE TEES

9.20 em The bood Word. 9-25. North-
East News. 9.30 'The History Makers.
9.55 Ecrepean Fo’k Talas. 10.10 Cities:
'* Mai Zeiterlinq's Stockholm.” 11.00
Sjrvrvai. 1125 Stingray. 1.20 pm
North-East "Mews. T2B Where. the dobs-
Are. 245 The. Lave BcaL 5.15 Private
Berjse.-.s. 6.00 ’North-East News. 6.25
Nc-lhc rn Life. 10.30 North-East News
10.32 3tiefing. 1210 am Yes to God
• When ? ”

ULSTER

1.20 pm Lunchj.me. 2.45 Young
P-amsa,-: ” A Fair Caw." 4.13 Ulster
News. 5.15 Gamb.t. 6.0Q Good Evening
Ulste-. 10.29 Ulster Weather. • 11.40
News a: Bsc Time.

YORKSHIRE

930 am Sesame Street. 10.30 East
cf Engiand Her. rape Route. 10.55 Paint
Afor-s W.:h Nancy. 1130 Hercutoids.
11.40 Ti'S Is Your Museum Speaking.
II. 55 The Undersea Adventures of
Captam Nemo. .1.20 pm Calendar
News. 245 Charlie's. Angais. 5.15
Prvste Ecr.;anj.r. 6X0 Calendar. 11.40
Late. Nigr.: Drama: ” Thieves."

FT COMMERCIAL

Maritime theft without

not ‘piracy 1

'ATHENS MARITIME ENTERPRISES CORPORATION v HELLENIC MUTUAL WAR-RISKS "ASSOCIATION (BERMUDA)' DTD
... Queen's Beqcti XHyi^ion (C onunerciad Ccu rt) : Mr Justice Staugbtonr June 24 1982

“ PIRACY ” FOR the purpose
OF marine insurance does not
necessarily take place outside
territorial waters, but is a
theft at sea carried out by
force or threat of force.

Mr Justice Staughton so held
when . giving judgment for the
defendant, the Hellenic. Mutual

War Risks Association (Ber-
muda) Ltd; in -an action by ship-
owners, Athens Maritime Enter-
prises Corporation, for - loss of
equipment stolen from tbe
Andreos Demos. -
* • ★•• •

HIS LORDSHIP said that equip-
ment abo.ad the - -Andreos
Lemos was token away in the
night by a gang of six or seven
men armed with long knives.
The theft was complete before
they were discovered and before,
any force or threat of force was
used. The vessel was anchored
in Chittagong Roads within the
12-mile territorial mb a claimed
by Bangladesh.

The vessel's hull and
machinery were insured on tbe
standard farm of English marine
policy, which included protec-
tion against “ pirates, rovers,
thieves." Attached to the policy
was the FC and S .clause t“ free
of capture and seizure "), which
excluded certain risks, including
piracy " from the cover.

The Andreos Lemos was also
entered in the Hellenic Mutual
War Risks Association (Ber-
muda) Ltd, a mutual association
which provided insurance against
war risks. The Assocfatioa rules
provided that the vessel was in-
sured, inter alia, against
"piracy” and “riots.”

The present dispute was as to
Whether the loss came within the
cover provided by the marine
policy, or whether it should be
borne by the Association. The
question was whether the loss
was caused, by “Spiracy."

Mr SavUJe, for the Association,
argued, first, that the casualty
was not caused by piracy,
because it occurred within the
territorial waters of Bangladesh.

There was compelling authority
for the view that in public inter-
national law. piracy could occur
only outside the jurisdiction of
any state. Article 19 of the
Genevq Convention on tbe High
Seas (1958) slated: “ On the high
seas, or in any other place out-
side- the jurisdiction of any State,
every State' may seize a pirate
ship . . - and arrest the persons
. ; .. on hoard."

When robbery with violence
was committed within the juris-
diction of a state, it was not

insurance’ poHcy. ' If a ship was
“at sea" in the ordinary meaning
of tbe phrase, or if the attack
upon her could be described as
a "maritime offence,” then for
insurance purposes she was in
a place where piracy cottid be
committed.

Mr SaviUe’s' second' argument
was that force or threat of force
was an- essential element. of pir-.
acy, and that in tixe present case
no are haxLocctmeed so as to cause
tholoss. .

-Tbe general .tenor : of the
authorities was that theft with-
out force or a threat -o€- -force,
could not be piracy. CarwrVCar-
riage by Sea (12th ed para 182)
defined piracy as “forcible ' rob-

1 bought necessary to give “ every beery at sea.” That was approved
State" iiie' right to seize, prose- in the Republic 6/3oI*b*o .case.
cute and pumsb the offender. It - Tn Shell Petroleum Co Ltd v
was by no means self-evident Gibbs [1982] 2 W.LR 745 Lord
that • similar . considerations Denning wid at page 774: “There
pointed to the" same definition of were ‘no ‘pirates'. here because
piracy for domestic purposes,- , there was ~no forcible robbery.”
and in particular, for a contract Theft without force or a threat
of insurance. ' of force was not piracy' under a

A shipowner whose property .policy. of marine insurance. ..
was taken by robbers was not j t be inferred that' the

much concerned whether the ^xmed -men who came on board

event took placfi in or outside
territorial waters. • Nor would
the .precise iocataon be of much
concern to insurers, save to tbe
extent that robbery was more
likely on board a ship in port or
estuary tban it was 12 miles out
or more.

. '. *■

In Republic of Bolivia v In-
demnity Mutual Marine Assur-
ance Co Ltd [1909] 1 KB 785
Lord Justice Kennedy was dis-
posed to accept that in general,
piracy was robbery “at sea”; and
in the opinion of Lord- Justice
Vaughan Williams, it was a
“maritime offence”

There was no reason to limit
piracy to acts outside territorial
waters in the context of an

tiie Andreas Lemos intended,
and expected, to steal without
violence. They anticipated tiie
possibility of some. . resistance,
and intended to use force oc
threat of force if that material-
ised. It was doubtful -that they,
expected to he Abie to defeat the
master and crew if ft came to a
pitched battle. - *

The theft was complete before
they were discovered, or at any
rate before any force or threat
of force was used. The case was
one of clandestine .theft which
was discovered. Force or threat
of force was used by the men to
make good their escape, bat by
that tune the- act of appropria-
tion had fiwirfw l There was no
loss by piracy.

That conclusion accorded
with the commercial sense Of the
matter! The Association, by tne

word “ piracy,” insured toss
caused to shipowners because
their employees were '™- T '
powered by force, or terrified
into submission. It did no*
insure loss when thieves store
clandestinely. The very notion
of piracy was inconsistent with
clandestine theft.

t*r

.It was not necessary that the

■ thieves must raise the pirate flap
'and fire a shot across the
vici tin’s .bows before they could
be called pirates; but piracy was
not committed by siealtir.

Tbe Association rules alsc
provided that the vessel was in-
sured against “riots.'' The
casualty was not a “riot" in its
- current and'- popular meaning.
However, in a marine insurance
policy the word was a term <ii
art and must be interpreted in
accordance with its original
meaning. ...

In Field v Receiver of Metro-
politan Police [1907] 2 KB S5S
it was defined, -at paje SoO, as
including the element of "force
or. violence . . . displayed in such
•a manner as to alarm at least
one person of reasonable firm-
ness and courage.”

. A riot did occur 4n the -present
case, but it was not complete till
after the loss. Clandestine
thieves, who used or threatened
violence in order to escape after
the theft, did not give rise to a
loss by riots any more than a
loss by piracy.

Judgment for the Association.
For the crumefs r Anthony Hall-
garten QC and Elisabeth Birch
(Clyde and Co.).

For the Association : Mark Sdviilc
QC and Sarah Miller ( Riclicrds.
Butler and Co.).-

. By Rachel Davies

Barrister

RACING

BY DOMINIC WIGAN

THERE is no- older race in the
calendar of this or any other
country, as far as I know, than
the Carlisle BelL The Tennent
Caledonian Brewery must be
well . satisfied to be now spon-
soring the mile event
The handicap— for which the
famous hell was presented by
Lady : Daore in the reign ' of
Queen Elizabeth I— has
attracted a field of 16. 'Although
the line-up cannot be described
as distinguished, the race looks
wide open and each-way value

may well be had from one or
two runners. j

' The best each-way bet is
Middlin Thrang. despite lack of
a recent outing.- Miss Sally
Hall's four-year-old baa- dropped
to an attractive weight in the
handicap, following two’ dis-
appointing displays at the dose
of his 1981 campaign, and
would -not be running today
were bis astute handler not
confident that he is ready to do
himself justice. .

Of the- remainder, in one of
the Carlisle Bell’s biggest Adds
for many years, a favourable
word must be said for Kithairon.
At -11 years of age, it as -by far
the oldest member of the field.

At Hamilton in April, the brown
Klairon horse showed, that it
is no back number by patting
three lengths between ..itself
and Melody Moon in extremely
testing conditions. Further
rain would dearly help
cause.

A~ second possible winner for
Middlin Thrang’s team, of Sally
Hall and Mark Birch is the
lightly raced All Seasons in the
Castle Madden Fillies Stakes. At
Cattgrtdk tins month, 'on only
the second , appearance . of its
career, AH Seasons' aVbay off-
spring of Silly Season, "kept on
in determined - style to finish
second behind Pretty Picture in
a race in which the third, . Shoe-

button, was three - lengths
further back. -
Pretty Picture as also back in
action today, having been
declared for the Yarmouth
Martha m Stakes. I shall be
its - surprised if it can cope with
Prince Santiago at a difference
of only 6 ibs.

CARLISLE
2.38— Sehola
3^0— Middlin Thrang

4.00 — Target Path '.

.440— All Seasons .

5.00— Crowebronze '

YARMOUTH
. 2JL5— Saleaf**

3.15— Miss Trilli *

4.15 — Prince Santiago*
4.45— Childown***

APPOINTMENTS

manager
for Clydesdale Bank

(5) Stereo broadcast (when
broadcast on VHF)

RADIO 1

5.00 »m As Radio 2. 7.00 Mika Haad.

9.00 Sims.-i Estes. 1130 Dave Lee
Travis inducing 12.30 pm Novwbeat.

2.00 Pout Burner:. 4.30 Peter Powell
including 6.30 Hewnboai 7.00 Rad'O 1
Mailbag. 3.00 Cevd Jensen. 10.00
Joint Peel 13 i.

RADIO 2

5.00 am Re/ Macro iSJ. 730 Terry
Wogen 'Si. 10.00 Jimmy Young (SI.
1200 Wimbledon '32. 7.00J John Dunn
(5} including 730 Cnc».et Desk. 8.00
Alan Dell. 8.30 Anunq Your Souvenirs
(SI. 9.15 Frank Chacksfield 13). 9.50
Sports Desk. 10.00 Tom Mennerd.
10.15 ~-.e Warzels. 1030 Hubert Gregg.

11.00 3rm Matt new. 1.00 4ffl Encore
(S). 200-5.00 You and the Night and

RADIO

the Music (5).

RADIO 3

6.55 am LVecther. 7.00 News. 7.06
Your Midweek Cuenca IS). 8.00 npws-

8.05 Ynur M-dvicek Cncicn 9.00 News.

9.05 This V/ceF's Ccmooser f5>. 10.00

Allegri Sirir.-? Quartet (Si. 1030
Scarlatti (S|. 11-20 BBC Welsh

Symphony Orchestra l3i. 1.00 pm
News. 1-05 Ccnton Hall ( 5 ). 200

Music Week!/ fSi. 250 Sal'inen and
Rartok (S). 4.00 Chnral Evnnscng (SI.
4.55 News. 5.00 Ma rly Fcr Pteaeuro
f5). 6.30 Edmund Rubora IT). 7.00

Tha Black Monk 7.15 V.enna Phil-
harmonic OrcSevre 13). 3.00 3!*

Continents. 8.20 Vrenna Philharmonic
Orchestra fS». 9.10 A Cmtury cf

Poetry. 9.35 Simpson and Beethoven
fSO 10.40 Roofs. 11.00 Suk (Si.
11.15-11.18 News.

RADIO 4

_ 6.00 am News Briefing 6.10 Farming
Teddy. 6.25 Snipping Forecast. 6.30
Today, including 6.45 Prayer for trt
Day: 7.00. 8.00 Today s News. 730.
8.30 News Headlines: 7.45 Though: ter
the Day. 833 Yesterday m Parliament.
837 Weather Travel. . 9.00 News. 9.05
Midweek: Herrv (5). 10.00 Newt.
10.02 Gardeners’* Question Tune. 10 30
Duly Service. 10.45 L/lom-ng Stcry.
11.00 Nevis: Travel. 11.03 BaLet's
Dozen f5). - 1200 News 1202 pm
Ycu and Yours 1227 Maximum

Crei b'e Accident (SJ. 125S Weather
T-ave': Pregramme news. Ip© The
Wsr'S z* One: News. 1.40 The Archers..
1.55 Shipping Forecast 200 News.
202 Woman’s Hour. 200 News. 3.02
A! tfltr.ac-i Theatre. 3.47 Tune For
Verse. 4 00 News. 4.02 Aspect* of
!nd a 4.10 F.le on 4. 4.40 Siory Tims.
- OO D */: News magazine. 5.50 Shipping
Forecast. 5.55 Weather Programme
new* 6 00 News, including Financial
Roper. 630 My Music: quiz fSJ 7.00
News. 7 05 Tr.e Archers. 730 Radio 4
ASM!. 7.45 Ar». null Language fS). 8.15
Antony Hapkins (51. BAS Vivat
Htnbe't. 930 Kaleidoscope. 9.59
V/eathe*. 10.00 The World Tonight:
Nows. 10.30 Men of Property (SJ. 1130
A Sack et Bedtime. 11.15 The Financial
V/ctia To-.ghv 1130 Today in Parlia-
ne-.z. 1200 News; Weather. 1215-
1233 am y-'ipD-ng Forecast: inshore
Waters Forecast.

STARTS TODAY ,£“■£.

DRAMATIC REDUCTIONS!

CHESTER BARRIE, D'AVENZA ancl selected suit
renaes in sizes up to 48" chest. ALSO SUBSTANTIAL
RH3UCTIONS on blazers, sports jackets, trousers,
sniris, pyjamas, knitwear, lies end shoes

("Jieves & j — |awkes

No 1 Savile Row, London WT. Tel: 01 -434 2001

Also i.i the Qy,18 Um&Sireef / EC3’ Sale Staffs Today ’

Telefonos de Mexico, S.A.

U.S.S75.000.000
Floating Rate Notes due 1991

Retractable at the Noteholders’ Option to 1988

Notice is hereby given

pursuant to the Terms and Conditions of the Notes
that for the six months f 183 days) from 23rd June
1982 to 23rd December 1982 tfat Notes wiH carry
an interest rate of 16|% per annum.

in June 1982

• • • • •

DttxtsdtaB&nfc

• • •

• • •

Mr Richard Cole-Hamilton has
been appointed chief general
manager of the CLYDESDALE
BANK. He succeeds Mr Alex-
ander R. Macmillan who retires
on June 30 although he remains
director of the Bank. Mr
Cole-Hamilton has been deputy
chief general manager since
February. Mr Robert A. Lairren-
s on. presently a general manager,
■will', 'succeed Mr Cole-Hamilton
as deputy chief executive. Mr
Henry Ailken, the Bank's secre-
tary since 1S6S, becomes general
manager (administration) and
■Mr William C. Harveys presently
-staff controller, becomes deputy
general manager (administra-
tion).

. . + ....

SAMUEL MONTAGU AND
CO. has appointed Mr Clive
Chalk. Mr Amir Ellon, Mr
Nicholas Johnson and Mr
Bernard Jolles as directors from
July 1: they are all assistant
directors.

Drayton Montagu Portfolio
Management investment division
of Samuel Montagu and Co has
appointed Hr Christopher Mills,
Mr Richard Plummer and Mr
Mitchel Shivers (TJJS.) to the '
board. Mr Bengt . Ahren_
(Swedish) of Carnegie Montagu,
Stockholm has also been
appointed a director.

Mr Kevin McBrlen is leaving
London and Manchester. Assur-
ance and will' be -joining'
NATIONAL PROVIDENT. INSTI-
TUTION as a director and
deputy general manager on
September I.

*

Bfr T. J. Hunt, legal co-
ordinator of ULTRAMAR, has in
addition been appointed secre-
tary from July 1. Russell Lime-
beer, chartered accountants, have
relinquished their position as
secretaries bat will continue to
provide professional services to
the company.

MPA Employee Benefit and
Compensation Consultants has
appointed Mr Giles Archibald,
based in the London Office, and
Mr Mike Johns, based . in
Jnhatmesbtirc. to the hoard of
METROPOLITAN PENSIONS
ASSOCIATION (INTER-
NATIONAL) from July 1.

*■

■Sir ■ John Spencer Wills, as
previously announced, will retire
from the chairmanship and from
the Board of the RET Company
front today: Mr -Hugh Bendas,
at present demrry chairman and
managing director, becomes
executive, chairman. Mr Nicholas
Wills succeeds Mr. Dnndas as
managing director.

•k

Mr! Peter Sharmai£ ~ cltfef
general manager sod a director
of the.Nnrpich Union Insurance

and a director of Phoenix
Assurance, was elected, a deputy
chairman.

★

Mr Helmut Fest has been
appointed A and R and. market-
ing director, EMI MUSIC
EUROPE AND INTER-
NATIONAL from October 1. He
was vice-president international,

Capitol Records in Los Angeles
and “will be based - in EMI
Music's London offices.

* .

Mr Paul- Douglas Nicholson
has been appointed a director
of the northern regional -board
of LLOYDS BANK which sits at
Newcastle -upon Tyne- . -He is
chairman and managing director
of Vaux Breweries, cbmrman of
the northern regional board of
the National Enterprise Board
and a director of Tyne Tees
Television. He joins the bank
board on July 1. '

Mr Paul RossaU has been
appointed financial director of
BREWERY.. - AND EDWARDS
and BARRALAN-LEXCE5TER,
both of Nottingham, and sub- for RHP Bearings.

of the INSTITUTE OF
MANAGEMENT SERVICES. 1 Sir
Henxy, a former Poet Office
chairman, is chairman of the
Government’s advisory council
for applied research and develop-
ment. He also chairs the
electronics - development " com-
mittee of the National Economic
Development Office.

Hie Earl of Inchcape will
relinquish his appointment as
executive, chairman of INCH-
CAPE at the end oC 1982, when
he will have reached the age of
65, but will remain on the board
as, a noD-execative director. . Sir
David Orr, until recently chair-
man' of Unilever,' -will- jinn the
Inchcape board on September 1,
and will succeed Lord Inchcape
as executive chairman on
January Z, 1983.

.*

Mr Nell J. Padden has been -

Mr Richard Cole-Hamilton j

tor- of Thomson Magazines, *i a
appointed managing director/ oS
Thomson Consumer Magazines*
Mr 1 Andrew Shanks, pianiiin^
manager, is appointed markeiin^
director of Thomson Magazrnesj
He jotns the board of Thomsen
Magazines. These appointments
are from July 1. 1

★ t

Mr Leendert de Jong, manar- i

appointed marketing director of r . °J h E A ?' ^’K. Jias I

KOim MABRY AT .SCOTT, manu- ™»nquLshed th-s pas, from July
faeturer of liEts and escalators. ^ SJ I ™ tinU ' e a5 J c ^ 1 aL ^ aa
He was previously sales manager °f UK ““Pwsy a . cd director

r - of. - European operations. The

firm's new managing director is
Mr John R. Wall.' The position
of manufacturing director
vacated by Mr Wall, will be

★

The Trustees of the King
George VI and Queen Elizabeth

Foundation of St Catharine’s, £ tv llr JOrtS J?" 1 “

si diaries of Reliance Knitwear
Croup. HaMfax.

Mr- Wehafel Earle Itas been
appointed managing director of
BRITISH AND GENERAL
TUBE from June 28. For the
past six and a half years he has
been sales director of the com-
pany.. . ^

- Mr ■George- Cathles has been
apointed- -an assistant general
manager of NATIONAL WEST-
MINSTER BANK’S International

banking- division from October _

1. Mr Cathles is regional general Sulzer have ben elected to tbe appointed president and maaa*--

prinmpal from September 1, on
the retirement of Mr Walter
James.

ZuMIn and IL G° ^kSefha^' SJSr ofLia D ~ a ~^ tb “

retired from the board of o£ LlU >’ lcd ustnes.

SULZER BROS. (UK). Mr. *

-P. Borgeaod and Mr Peter G. Sir Ronald Ellis has been

manager. Fafoir is a .division ol
the Textron group..

•*".'* . ’ '
air John Scott North has been
appointed “arketirg director.

manager, UK, international divi-
sion. and- he succeeds Mr Terry
Green who has been, appointed
deputy general manager, inter-
national division,

*

board. ’ ing director of the newly.formed

*. .. industrial divfsiun cf 'tfio In'e' 1 -

New chairman of 1L\N- n ationa l Group of ALLEGHENY'
CHESTER . . INTERNATIONAL INTERNATIONAL INC, the U S
AIRPORT AUTHORITY is City h »fih technology and consumed
of Manchester Councillor Mr company. Sjr Eonaid, who

Mr F. W. Brooks, .chairman of Kenneth Franklin. He previously joined the Wilkinson Sivo-d

' w — ■—’-**■- ” - ' - Group, a wholly-ov.-ned subsidiar--

of Allegheny International ih
October ' I9S1 as director cf
corporate . development, vae
formerly head or defence sales
for the British Government.

*

Mr Peter Marshall, who first
joined FORMICA in its Tt and D
department at Tynemouth 2fi
yeara ago, has returned to Tyne-
side as deputy m&nazinc
director. For the past four years
he has been director of manu-
facturing with another company
of the American Cynamid
Group. Cynamld of . Great
Britain (CGBL).' based at Gos-
port. He succeeds air Jafcx
'Oiandler, who. has joined' CGBL
as deputy managing ’director

^CURITY CENTRES HOLD-
INGS has made the following
changes: Mr Brian O'Connor is
ap poin ted chairman; Mr Tom
Forrest managing director and
Mr Jonathan Aitken a tjoq-
eseentive director.' Mr Steirart
Jamieson has resigned as chair-

Jones and Shipman, has been
elected chairman of Coun cil o f

the PRODUCTION ENGINEER-
ING RESEARCH ASSOCIATION
(PERA1.

Mr Frederick Bonner and Mr
Sebastian de Ferranti have been
appointed non-executive direc-
tors of BRITISH 1 AIRWAYS
HELICOPTERS. Mr Bonner is
the deputy chairman of , the
Central Electricity Generating
Board. Mr .de Ferranti was
chainuan of Ferranti from 1963-
19S2 and is a director of GEC
★

“ Mr' David K. Saedden it <0 be
managing - director and - chief
executive of the LIVERPOOL
DAILY POST AND ECHO from
October 1. Mr Snedden, who
joins the board from Thomson
Regional Newspapers, where he

held the position between June
1980 and June 19&L
Hr

Dr J. E. Hcndereon is leaving
British Aerospace to ■ become
managing director of M.\STTFF
ELECTRONIC SYSTEMS from
September 1. Dr Henderson is
chairman of The- Air- League .-

Mr David J. Carter-Johnson
has been appointed assistant
managing .director of ADAMS
CHELDRENSWEAR.

- .

TUKE AND BELL has
appointed Mr Kenneth Sanderson
aa m anagng director. Mr. T.
Raymond . Robson, r omainc

riiMiHwm.

. ’ ••' * • --

. Mr Roger Nicholson, managing
director - of Thomson Business
Magazines, has been appointed
commerciai "'director of

was joint managing director,

succeeds Mr. Ian Park, whose

Group, has 'been , elected chair- appointment s* managfng dtoec- THGMSOM' REGIONAL* NEW&
man of the ' .BRITISH' tor of Nonhdlffe Newspapers; : PAPERS. Mr Malcolm GUI. at
INSURANCE ASSOCIATION- was announced recently. \ . .. present manasinc - director of
Mr John Howard, chief general • s'-.- * .. . -Thomson Consumer Magazines

manager and a director of Royal Sir Henry Otilver, -vice wifi replace Mr : Niehtfwm

Insbrancg, was re-elected - ” ■ * — " ' J ^ ««««««

deputy chairma n.

chirf . K, "* _ra6isUnt m^j wai regain

1

I 5

THE MANAGEMENT PAGE

A lifetime oiling the wheels

Brian Groom reports on the maverick style of Mohil’s personnel' director .

of corporate

Finanrial Times' Wednesday Juae 30 X9S2

EDITED BY CHRISTOPHER LORENZ

BOARDROOM BALLADS

r

ORIENT EXPRESS

WHEN EDDY - -ALLSOP, per-
sonnel director of Mobil Oil’s
UK refining and marketing com-
pany. was awarded the OBE in
3 this month's Birthday Honours,

■ .union • officials and shop
1 stewards were among the first
> to ring with rbeir congratu-
lations.

That was a fitting tribute. Not

- only has 64-year-old Allsop been
behind some of the oil indus-
try's most innovative industrial
^relations ventures in his 30
--years at Mobil, he has also
’allowed the workers' own
T expertise to play a key role in
. decision making.

“People who do a job often
; know it better than their
managers." Allsop says.

■ Employee contributions to some
Mobil projects have been so

; effective as to reveal manage-
: ment weaknesses, and have led
to reshuffles.

Mobil workers respect the

■ company’s independence. Three

■ years ago, at Allsop’s instiga-

- tion, Mobil broke from the oil
^'companies' common November

• wage settlement date for tanker

- drivers, and moved to May,
: where, it felt freer not only
' from oil industry pressures, but
~ from tbe problems of being

caught up in the start of the

- general industrial pay round.

Mobil braved the virtual
. ostracisation of its managers by

* the rest of the oil industry for
breaking the employers’ com-

. raon front and establishing wage

■ levels which other companies
come under pressure to meet.
“ We were drummed out of the
Brownies," Allsop says.

Perversely, the achievement
'■ which has precipitated Allsop’s

* award involved something of a
high-handed departure from his
carefully consultative norm.
Last August he was made co-

: ordinating director — or trouble-
shooter — for the £240m fluid
.catalytic, cracking project at
Mobil's Coryton refinery In
Essex, which was already nearly
two years behind schedule, .and
over-budget and-was unlikely-
to be finished before November
1983.

Like the notorious Isle of
. Grain power station two years
.‘ago. Coryton was suffering
. 5 problems of low productivity
: among insulation engineers, or
Taggers. There were many stop-

• pages as the workers sought

- to match high wages conceded
i-on other construction sites at
•• critical- stages;

' Allsop ordered an immediate

* - ~ '

Trevor Humphries

Eddy Allsop: “One day we were working an average 57 hours a
week; '24 hours later we were doing the same work in 42 "hours H .

investigation — to be completed
within 48 hours. His solution
was to cut the work allocated
to the sole lagging contractor.
Modern Insulation, and intro-
duce competition by bringing- in
two extra contractors.

“ It was dangerous. There
could have been all kinds of
reactions," Allsop says. But
agreement was reached with
the General . and Municipal
Workers Union, performance
improved, disputes ended, and
the whole of the complex will
be operational by mid-July.

Allsop joined Mobil Lb 1951
when — as the then Vacuum Oil
Company — it was building its
first UK oil refinery at Coryton.
and. moving into the fuels busi-
ness. He had " worked _ as ' a
labour-relations officer for LoBi-
tos oilfields at Stanlow, near his
native Ellesmere Port, afcd at
pnetime was himself a union
shop steward.'

• * As senior staff, assistant in
his new company's employee re-
lations department' . one of
Allsop’s first tasks was to staff
Coryton. He helped establish
a simple four^grade structure
for. operating staff, at a time
when up to 26 job categories

applied in UK- refineries.

Acceptance of the; new philo-
sophy was eased by recruiting
, workers from . other com p an ies
; into higher grades add ' On
improved pay. The benefit ,was
flexibility between grades and
a! reduction in grading disputes.
Competitors have since simpli-
fied their own structures.

For several years Allsop. took
part in national negotiations for
oil distribution workers. This
was - “an unrewarding ex-
perience," he says, because
industry-wide negotiations
buried -individual companies’
ability to take initiatives on pay
ternurand condi tionspso-in- 1965
Mobil and Esso pulled out. .

Mobii 'wanted to cut out
wasted- -time in an industry
where drivers worked an aver-
age of 57 hours a week. ** They
were sitting in Jack’s Caff while
expensive, .equipment -was -sit-
ting on -its fanny,"- says Allsop.

A revolutionary deal In 1966
put- Mobil drivers on 4 -Salaries
X albeit calculated on an hourly
■ basis) with a 40- to 44-hour
week, sharply: 'higher basic
earnings, no overtime, and time
off in lieu of any excess hours.

• Allsop, then employee rela-

tions manager, says:-:" -One day
we were working'. an average'
57 hours, a week. Twenty-four
hours later we. were doing the
same, work in 42 hours.'’ ■.

Workers at the .various'
depots . joined with managers
to work out ways of doing ft,
and ignored any seif-Interested i
urge' to ensure they received
the . maximum 44 hours' pay, i
The workforce played a key
role in . a similar : agreement 1
already- reached at the Coryton
refinery: :

Allsop- ■-■' became ;• ; general
manager of marketing- opera-
tions in' 1968, and there fol-
lowed a. -productivity deal on
the - distribution side which
made- shifts hours more. flexible. |
Again,. workers played a major
pail in drawing .up plans.-

But in 1970 there Was a set-
back. Overtime was reintro-
duced in response :to pressure
from the workforce, created by
high, "earnings ' ", opportunities
elsewhere 7" in • the industry.
Weekly . hours . gradually . crept |
up -to .'about 48, .which clearly
went against the philosophy of
keeping the working week, j
within 44 hours.

However, the experience of |
-the 1966 deal created a disci-
pline which enabled Mobil to
resist pressure to allow very
high overtime levels, and it was
able to use the overtime to
reduce the use of expensive
contract labour.

During the next 10 years pro-
ductivity improved only slowly
at many oil companies, and two I
years ago Mobil was first in the I
field with a new batch* of pro-*|
ductlvity agreements for oil
company distribution workers.
Others followed suit.

- -Allsop. ' became personnel
director in 1979, and was not
directly involved in the new
deal — but it embodied the
philosophies he has pursued,
including the close involve-
ment of the workforce in
drawing up the new working
methods.

Allsop has friends in com-
petitor companies, and is shy
of claiming, advantage for
.MobiL But, he says: “ I think
-it is acknowledged we have
' been in the van for some time.”

He must retire nest April
when he reaches 65, 'but he has
-just become secretary of -the
Institute of Petroleum, and will
probably retain an office at
MobiL His Influence will con-
tinue to be felt.

if

i!

m

A

IIMBIMMCO

UniaodeBancosBrasileirosSA

-AMERICAN COMPANIES are
giving away more money than
ever before— to. charities. ‘

■' Ih. 1980, the figure was a
staggering $2,7bu and is rising;
thanks to recent federal .legis-
lation: which has increased the
allow able ' limit for charitable
'ctataTratinns: from 5 per cent
'to TO pec tent of taxable
tucoxne...

This .figure, a. TO: per. cent
increase over the previous year,
is equal to 14 per cent of pre-
tax profits of donor companies,
the hipest; level for 11 years.
Over: the past two decades, the
percentage' has only been
higher twice- . .

This is revealed in the latest
annual study of charitable con-
tributions*; by idl U.S. corpora-
tions, . compiled by the - Con-
ference Board; an independent,
non-profit-making research
. organisation. The source of the
information is the U.S. Depart-
ment of Commerce and the
Internal Revenue Service.

In general, U.S. business , is
far more generous' towards
charities than companies else-
where In the world. Tbe reasons
for this are basically fax related
but UB. corporations have also
in recent years developed a
strong social conscience. The
study suggests that 1980 may
well be viewed as a landmark
year for “corporate volun-
tarism” as it c alls the pheno-
menon. It could be used as a
benchmark. It says, to measure
the extent to which private and
corporate philanthropy .will re-
place diminishing federal sup-
port for a variety of social,
educational and community
services.

Philosophy

James Mills, the board's pre-
sident recalls ' that recent
spending cuts represent an un-
precedented 180-degree turn in
the philosophy of federal sup-
port for many non-profit agen-
cies and services.

. “Nearly all students of the
subject agree that the private
sector cannot make up these
funds dollar for dollar” he says.
“Nonetheless, the private sec-
tor will be called on to provide
leadership and imagination in
developing innovative ways in
which to bridge these financial
-gaps. . It will almost certainly
be asked to set new and higher
contributions.”

, The . study found that rela-
tively small ' numbers of com-
panies^ continue to account for
a majority of all corporate
philanthropy; about 440 com-
panies accounted for half of all
contributions.

The top. (unidentified) cor-
porate donor gave 838 An in
1980. The median contribution
of the top 50 donors was $7.3ra.

Hie study found that educa-
tion, health and welfare causes
received tbe lion's share of- all
corporate donations — 72 per
cent Around 12 per cent went
to civic and community projects,
11 per cent to culture and Che
arts and the remainder on reli-
gious activities, women's causes
and overseas aid.

• Annual survey oj Corporate
Contributions, 19.82 Edition, Re-
port no. 822. Available from The
Conference Board, 845 Third
Ave.. New York. NY 10022.
Price $5 associates, $15 non-
associates.

Arnold Kransdorff

Business

courses

Seventh Annual Programme
on Marketing of Financial
Services, Cranfield. July 18-23.
Fee: £720. Details from Cran-
field School "of Management,
Cranfield, Bedford, MK43 0AL.

Creative Advertising Work-
shop. Bradford. July 11-16. Fee:
£380. Details from Management
Development Programmes,
University of Bradford Manage-
ment Centre, Heaton Mount,
Keighley Road, Bradford, West
Yorkshire BD9 4JU.

International Seminar on
Accounting and Control, Geneva.
August 16-27. Fee: SwFr 6.000.
Details from the International
Management Institute (former-
ly Centre d*Etudes Industriel-
les), 4 chemin de Conches,
CH-1231 Conches-Geneva, Swit-
zerland.

Sales Management — Team
Leadership, Bromley, Kent July
25-30. Fee: £550. Details from
Sundridge Park Management
Centre, Bromley, Kent BRl 3TP.

Microprocessor Principles,
Cleveland, July 26-August 6.
Fee: £460 (plus VAT). Details
from Roxtoy -Training Centre,
Rtwtfby Engineering Inter-
national, Lagonda Road, Billmg-
ham, Cleveland, TS23 4JA.

The fundamentals of finance
and accounting For Don-financial
managers, Brussels. August 23-
27. Fee: BFr 48,500 members.
BFr 2,800 non-members of the
International Management
Association. Details from Man-
agement Centre Europe, avenue
des Arts 4, B-1040 Brussels,
Belgium.

A company with
an image like yours

As;pr Q dwp's ! ofpbIy,thene plastic, .

Out d&pan& iMs. a', mite, ineldstte; .
For ; twtrhusihesa- io miss
The. irttpendmg; .td^rss.-
Requifed something a -little more, drastic:

• 7 '• • ' .

So iPe thought of'a foreign adoenixtre, \

On the strength of our final debenture, ■

" -To export expertise' .

To the far Japanese-:. ..
in a joint AngtaNipponese venture; ■

Though ifieir people mer e tndg delightful , :.
Their devotion to duty was frightful;-
For the talks owSr-nav
In a room m : Japan," -
Two consecutive- days and a nightful. •

' .★ ■'

At the end' of iifu! mats we conceded, ■
They knew more about plastics than, we did. ;
. So we -flew Hack again
. .Witha banfoj^tf yen,

In return for our- plant "which they needed.

And we now, every Tom, Dick and- ffarry/ .
Are a Japanese subsidiary;

But it’s clear that the P tare -7' ; / 3 '

We reuersed in Japan,

Has prevented, our mass ben-kan..

. ' . ;

And we’ve found our new owners so far so
Polife, with their Hot tfs and their “ah-so;”'

• With the angular quirk' '

That they’re gluttons for worfc
; When, required to rvwal that they me so- :

Yet it does seem a little ironic, . . .

The. employees we . thought so marcraic, -. . ,
Sffem':to .fftlnfe that the Japs . .

Are fust Woody fine chaps, - <

And (he rate of production’s a tonic! -

: .•••; • -*.<

The sl&t of amr board exercising. - .

■ Was beyond any human devising;

. Bui owr spirits and verve •;

Qrow^itiJine with the curve - " T ‘ '•

■Of out profits ajUTreoenues rising! " *v

V • Bertie Ramsbott^n

Next weeicr Invisible earnings

BUSINESS PROBLEMS

Collection of
rent arrears

I am having difficulties collect-
ing rent and rates from a
tenant to whom- 1 am renting
a registered rent flat. As a
result of the rent and rate
arrears by this tenant I have
been taken to court several
times by the council for rate
arrears. Is it possible for me
to be relieved of the responsi-
bility. to collect the rates and
have them collected by the
council Instead.

If the rent that is registered
is inclusive you cannot vary the
obligation without applying to
the Rent Officer for a fresh
registration as an exclusive
rent If the rent is exclusive it
is up to the tenant to pay Its
rates direct- to the .local
authority, and you need not
collect them.

Copyright of
translation

We shaU be gratefu! -for your
opinion on a matter concern-
ing the translation (not copy-
ing) of computer software. -A
-writes an original program
which Is specifically designed
for, and capable of ranhing
only on, a -particular l make
and model of computer. B
translates the program into a •
form suitable for a different
computer (a major undertak-
ing, analogous, say, to liie -
translation of a book from one
language to another). Does
B's version enjoy copyright
protection in its own right
(l.e. for B's benefit) or does It

' constitute an infringement Tof "
A’s copyright, or neither ?

. We think that the position
would be.- attin to. that, which,
applies to ordinary translation,-
namely that there would be an
-infringement of copyright if the
author’s (programmer’s)

licence is not obtained. If the
.translation is authorised both
the .original author and the
translator will have copyrights,
the .one in . the original work and
any translation of it, and the
‘other in the translation whack
was made by him. - •

Regulated

tenancy

I own - an old .dty centre .
property at the rear of which
is a large four-cat garage.
■The dwelling is let on- a
regulated tenancy. The -
garage is let to a different ..
tenant who uses It as a work- ..
shop. He. has occupied it. for.
four years- on - a -tenancy,.:
terminable on six months* -
notice; He would .now Jike-a;
five-year lease: When . the '
dwelling becomes vacant. I-
may wish to sell the whuler -
property, but do - not. expect-
this to be In less than five ..
years’ tfanei If l grant a Rye-'
year lease / to the - garage '
tenant who carries - on his
business there, will X be able -
to obtain possession in five
years* time If I wish to sell
the whole property- at - that
time, or will he have security
of tenure as a business teumt
entitled to renew hls lease?
Will the situation be ' any
different if I continue frith
the present arrangement ter-

Transfer of
shares

1, 4mr^see4dLng ndvice re jQte
possfljility’ of advertising to
. fauy small ^quantities of pries;
fertoice shares in various
. comptedes.' There: are many:
smaUholders who are unable
or unwiDIiig to sell owing to.
-.'tHe high cost involved in
.small numbers- My ideas, are:
-..<£> To advertise that £ would •
buy small -quau cities slightly
below maiket price. Seller to
.- pay no commission. (2) To.
arrange the . transfers, and
have them stamped after ^ aig-
natnre and Submit 'to com-
pany : ^ concerned- .Ahf I
allowed -to do thishy law?

You -risk- bemg in breach of
the Prevention df. F>aud (In-
vestmentj- Act 1958 . and also
possibly of the Consumer Credit
Act i9T4; and you would there-
fore- beCwise: to consult- .a
soliritbr.- . ■ ' ' .....

No tejo/ rcsponsitiiHtjr can be
accepted by the F/bondol T/mesfor
the- answers given in . these columns.
All Inquiries wilt be answered by
post as soon. as possible:

y. .

digital p^ingsystem D600D both enter the pager’s store automatical!*: The

You're looking at the dgital pager from
system D 600 D. Like any page; it Weeps.

But it's what happens next tibatmakes D 600 D
unique. Because it’s the tmly system in the "
world with speech, cfi@taldispl^anda 2 O< 50 t
infbnoation store.

Ten-digit display for codes...

Codes are osefidfor standard
instroctioos.To (Erectstafi ^^torebqifejQ, their
own office, and so on.

and telephone numbers

The D 600 D receiver can display up to
ten digits (in two five-digit batches), it's the *
only pager that can receive and cSsjdayan STD
Ldephone mimber-helpcR you respond
quickly to any telephone call

20-digit memory

If youxe toobusy to retuma call, it
doesn’t matter. The D 600 Dpagercanstqre
20 di gits of mformatitm. (two phone calls).

Htwo pa^ngcaBs ate recdvedto^thei;^ ^they

presence of the second call is indicated.

One-way and two-way speech

Digital codes save the repetition of
common instructions, but often there’s no
sutedtutefor a spoken message- D 600 D -
pagersare avaflahte withbothoriMwiy and .
two-way speech faffities.

FuDy automatic, with aDthie
latest communications features' ■

TheD600psystraiscohtroSedand '
«Hm3inated bymicroprocessor, wife allcais
going direct from telephone extension, to
recover: Communication is faster; switchboards
are less congested. ; ' - I . ; - v - ■ - *

-• AadD 600 DhasaE the latest ■ ;• *
communjcatrons facilities -group caBi: automatic
catttra i s fe i; securiti'/alarm system interface,.' ‘
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the facts!

For Hhstrated Staature on fteD600D-

11 two pagingcafls are received together;' they systeco, rom^andm^thm»upoii- .

release send me details crfAEC^TEIJiFUNK^ ^ "" T" - .. -.J

| Wearearrangeformcto^asdestei^b^Q

I Companvnameand address

Position

'.Can

BY OUR LEGAL STAFF

/haunable ; on ' ifix' nionthS!

‘ notice?..

' The tenant AriU have ; security
of texwre- under Part TI of the
. Landlord 7 <md Tenant. Act 1954
at the end -of the five-year term,
but he -.-already - hasr that
security^ . under the periodic
tenancy whKh - now exists. Thus
whether y©*' give notice to
teemihate now or at. the end of
a' hew five-yearterm the tenant
can apply fwf a new tenancy
unless you estabtisti one of the
statutory grounds ; fat opposi-
tion. V

5

THE ARTS

' ransfcr »■

'iiarcs

• ■ -• T - .•

, ■#rS‘£ ! r?w? , s*i

■ ..-*• .•: >•*-

& I?

<■.

Stratford Ontario

B. A. Young

Shakespeare

■a s*, n n - ^stress Ford i

-and G & S- I** 6 * ° f pat &

^ Page is hi the

• y-\ , but less suitab!

in Canada pm** su*a

The rain that had enveloped
Ontario for days lifted for the
. opening of the 30th Stratford
. festival under its new artistic
director, JohnHirsch, and made
impossible to hold the inaugura-
- tian ceremony outside on the
grass. Various authorities an-
nounced donations .and subsi-
dies totalling 3618,000. Last
year’s festival ended 51,000,000
in the red.

. Then a swarm of balloons rose
from the theatre's roof. Some
extra-big ones carried messages
boosting the Festival. Most of
these sank to the ground al m os t
at once.

; Indoors, _ the proceedings
opened with Julius Cedsar
(sponsored by IBM). The big
attraction in Derek Goldby’s
production should have been
Len Cariou’s Brutus; hut this
turned out less than imposing,
lit began well with a becoming
diffidence opposite Nicholas
Pennell’s dapper, enthusiastic
Cassius, but wben the emotions
began to show, they were less
the emotions of a statesman
than of a heavyweight boxer.
At the end of the quarrel scene,
be hurled Cassius to the
ground, which made him cry.

A performance as Antony by
R. H. Thomson, an actor new
to me, lifted the playing nearer
the level I have been used to at
Stratford. Well spoken (in
Canadian), this was a mosaic
of credible feeling. The speech
over Caesar's body was a fine
crescendo of deceit, from the
smooth mock-courtesy Brutus
would have approved to a storm
of indignation that set the
crowd aflame.

Not that any fool couldn't
have set this crowd aflame. They
enter at the first scene bopping
like rabbits, whirling like der-
vishes. some apparently jump-
ing into the Tiber as they
welcome Caesar’s return. Their
only -mood is hysteria; Heaven
knows wbat made Marullus
think of blocks and stones. The
crowd is one of the play’s most
important characters, and if you
can't believe in them. It doesn't
matter what they do.

Caesar himself' (Jack
Medley) was in hospital, having
been stabbed not wisely bur too
well at a preview. James Brad-
ford played the part at short
notice, ably enough in the
circumstances. Among the
smaller parts I liked Richard
Curnock's Dedus and Richard
Monette's Cinna the poet; and
I loved Susan Wright’s nubile
Portia, though it hardly
seemed her cup of tea.

Jack Medley was also miss-
ing from The Merry Wires of
Windsor, which followed. His
part as Sir Hugh was very well
done by Robert Lachance. This
is - a straight-forward produc-
tion, but -to tell the truth, not
merry enough, which I attri-
bute to its lack of class-
consciousness. Fenton (prettily
taken by Ian DeakinV is an
aristocrat; FalstafF and Swallow
are gentlemen; Page and Ford,
miscalled u gentlemen ” In the
programme, are citizens, lower
middle-class, by today's anea--
sure. In this production by.
Robert Beard there’s no social
gulf between FalstafF and the
landlord of the Garter.

The text is fairly deeply cut:
we don’t get little William's
O-Level exams at the hands of
Sir Hugb. and this is a shame,
for elsov/here William is.
played by 10-year-old Torquil
Campbell with : astonishing
confidence. The -Campbells,
indeed, are coming. Douglas of
that ilk (Torquil’s father) .
makes a fair traditional Fal-
staff; but where is the sense of
fun we know from Henry TV?
Lower down the social ladder. .
comes Graeme Campbell as a*
solid, decent Page.

Ford gets a fiery performance ■
by Nicholas . Pennell, . though

the jokes about his disguise as
Brooke are a bit childish.
Mistress Ford is in the reliable
hands of Pat Galloway; Mistress
rage is in the equally capable
but less suitable hands of the
delightful Susan Wright who
[ooks about the same age as
her daughter Anne (Astrid
itoch). She works hard to make
her part seem a bit funnier
than Shakespeare left it
I was impressed again by
■K* H. Thomson as the tall,
gangling Slender, funny and
melancholy at once; and I liked
Dr Caius In the ultra-French
mould given him by Richard
Monette a bit underparted
this year, it seems to me.

_ Then in The Tempest we see
the work of the new Artistic
Director. Perhaps be-*' was
tempted by the prospect of aR
that subsidy (besides the
sponsorship by the Victoria and
Grey Trust) , for this is one of
the most extravagantly vulgar
things I’ve ever seen.

Vulgarity isn’t easy when
you're playing, as is usual here
on an empty stage, and- Mr
Hirsch has passed the buck to
Jus designer, Desmond Heeley:
From the very first scene,
where hand-held waves lap the
stage below the flapping main-
sail high above, the keyword is
excess. The disappearin g ban-
quet is topped by Ariel on the
upper stage, who unfolds silver
harpy’s wings 20 ft or more in
span. Iris and Ceres are
escorted by outsize insects and
other science-fiction creatures-.
In the display of glittering
splendour, I saw no signs of
" Reapers, properly habited ”
in “ a graceful dance nor. I
think, should I have enjoyed a
dance to Stanley Silverman’s
music— common, sentimental,
yet hard to sing. ■ :

The playing is unexpectedly
disappointing. Len Cariou looks .
fine and speaks the Epilogue
beautifully; but throughout
most of the evening he is in an
ungovernable temper. How
could Ian Deakin’s Ariel ask
him so movingly ** Do you love
me, master?” How could
Sherry Flett’s grown-up blonde
Miranda say “Never till this
day saw I him touch'd with
anger so distempered.” when
she took all his fuiy, beginning
with his first tines, for granted?
My impression is that Mr
Cariou, a gentle, sensitive
actor, is thrown by the Guthrie-
style stage in this great house.

But at least he baa quietly
touched Ferdinand (Jim
Mezon) with magic, for he can
twirl on his .little finger great
logs that are' ail Miles Potter
can move with Caliban’s- great
daws. Undoubtedly the even-
ings best playing comes from
Nicholas Pennell as Stephana,
straight from Liverpool docks.
He should remind John Jarvis
that Trinculo is not working in
a circus.

At the Avon Theatre, where
they have a proscenium, there
is ah unexpected bonus in- the
shape of The Mikado. I say ” a
bonus,” not because I care
much for the pieee, but because
it is so ravishingly beautiful to
look at, with costumes and set
designs by Susan. Benson and
Douglas McLean. There are
some visual reminders of Nob
theatre and other familiar
Japanese features, such as the.
outsize bonsai tree in which
Ko-ko sits to sing “ Tit-willow.”
Strongly lit against a black
backcloth, these tilings look
really lovely. Strictly speak-
ing, one should have resented,
the incursion of Chinese 'busi-
ness like tumblers and lion-
dogs; but they just add to the
charm.

Beneath it all, the director,
Brian Macdonald, has the basic
G and S problem of how to
keep the stage alive while the
songs are being sung. As the
songs do not advance the story,
there’s little to do bat move
the pieces around from one
grouping to another, and Mr
Macdonald does this prettily,
but . no more effectively than
the D’Oyly Carte company
might, given these resources.

Television

Arthur Sandies

The Cup that cheers

Michael Gambon as King Lear in the Royal Shakespeare Company’s new
production which opened at Stratford on Monday night. Michael Coveney will
review it on this page tomorrow along with “ Lear ” by Edward Bond which
opened at the Other Pla ce, Stratford, last night

Holland Festival

Clement Crisp

The Sleeping Beauty

When the curtain rises on the
Dutch National .Ballet’s The
Sleeping Beauty ‘ there is a
rightness about the stage pic-
ture which responds both to
the grandeur of the score and
the majesty of Petipa's choreo-
graphy. Philip Prowse has pro-
vided a * darkly golden set,
pillared between huge panels
into which, as with a picture
frame, painted scenes are
placed, while below there is. a
curve of Shallow step s. Propor-
tions are excellent — how few
stage designers Have this sense
of stage volume; the opulent
costuming and trailing robes of
the courtiers bring dignity to
their wearers without swamp-
ing them, and sit in admirably
judged relation, with the noble
space of the set

The correspondences between
design and music are every-
where effective. Chaikovsky’s
richness is matched by sombre
m agn i ficence of dress in gold,
black, gleaming reds, a fantasti-
cated view of Louis XTVs age—
Hyacinthe Rigaud and Jean
Berain re-thought but not
traduced — and by the way Peter
Wright as producer has directed
the activities of the dancers In
this splendid place, an ante-’
chamber at - Versailles with
distant prospects of trees and
obelisks. The score is played
almost intact, with unfamili ar
repeats and some missing bars
restored; the choreographic text
is in the main the Royal Ballet’s
Fetip a/Seigueyev version, a few
numbers' re-written* by Ur
Wright . .The sensitivity that
made the same collaborators'
Swan Lake for the Sadler's
Wells Royal BaHetso pleasing
is agatin apparent: the effect is
— despite certain reservations I
have about the 'Vision and
Wedding scenes — to give the
Dutch National company a
Beauty unrivalled in the West,
its only contender in excellence
our memories of the Kirov pro-
duction in the 1960s.

Mr Wright's staging, first seen
a year ago, is part of thin sum-
mer's Holland Festival It is in-
telligent in balancing dance and
drama, always a vexed matter
with Beauty where, too often,
display, of . dance technique
obscures the vital consideration

of the Petipa/Chaikovsky struc-
ture and the emotional develop-
ment of the action. In the Pro-
logue the court is splendidly
real, and the gracious presence
of the fairies is given an almost
shocking contrast by the blister-
ing appearance of Carabosse
borne high by six black-clad,
death’s head cavaliers. Her
dramatic mime is fully pre-
served. and there is no under-
playing of the conflict with the
Lilac Fairy, given as a mime
role in a long dress (and, my
one complaint, a madness of
feathers in her hair so that she
looks like Gaby Deslys In full
fig). .The opposition between
good and evfl. so dear in the
score and in the ballet's theme,
is properly explored, and in the
first act Peter Wright achieves
an authentic and, for me. un-
precedented tragic force, when
Aurora has pricked her finger.
By using all Chaikovsky’s
musig; by hot hastening the
action, and by allowing the black
emotional tone of the score to
sound through the production,
we sense the horrified despair
of the court. The arrival of the
Lilnc Fairy, the gentle strength
of her musical theme after the
fatally final chords from the
■ orchestra, comes as a vivid
theatrical coup. At every
moment the imptidt drama of
the scene Is realised; admirable
the way the King hands the
spindle to the remorsefully
kneeling Catalahutte; viley
effective the way Carabosse’^
retinue menace the court with
their swords and caper around
their mistress; tender, very
touching, the Lilac Fairy’s sum-
moning of the magic forest to
-hide the castle. •

The problems with the Vision
-scene are those that face every
producer and decorator when
confronted by the bridge-like
nature of an act. which -must
accustom us to the passage of a
century and encompass court
dances, fairy visions, and a
journey; Visually Mr Prowse’s
sense of period seems less sure
in costuming the bunting party.
The countess wears a vast hat
and an eye-dazzling red habit
while the other ladies ore In
plum-coloured cloth and jockey-
caps, and Florimund boasts an
abbreviated military jacket. The

action is well presented, and
the introduction of a small band
of musicians made sense of the
formal dances; but the first
part of the panorama becomes
no more than an uninspired
progress along lines of nymphs.
Once arrived at the forest, how-
ever, Florimund’s quest for -the.
sleeping Aurora is well shown
as a battle against evil— the
obstructing presence of Cara-
bosse — and the triumph of
good through the counsel of the
Lilac Fairy. Mr Wright opts
for the celebrated violin
entr'acte as an awakening duet
for Aurora and her Prince, but
there is a case for seeing this
as an unnecessary 'addition to
the Petipa text, anachronistic
In-style, and a detraction from
the climax of the great wedding
pas de deux.

If the celebrations of the final
act lack something of the sweep
of the opening scenes, the fault
lies partly with an absence of
sufficient dancers to dress the
stage as fully and as magni-
ficently as music and occasion
demand. Against a missive
panel resembling a gold and
ormolu tirophy which dominates
the set, the Louis XVI costumes
of the court look more sedate
than those of the Prologue,
though the fairy-tale divertisse-
ments have been cdeverly
dressed in the fashion of the
period. What is needed is grand
classic dancing to light up the
stage and be. refracted in bril-
liance from the design. The
Dutch National dancers are
worthy rather than radiant in
classic style. Maria Aradi and
Francis Sinceretti; the Aurora
and Florimund of the perform-
ance I saw at the weekend, were
honest interpreters of their
roles: the sirn port? tie cast, like
the orchestra, worked seriously
and honourably. ‘ |

But Kirov aristocracy or
Royal Ballet lyric decorum* Is
necessary to bring this master-
work to full life. What Philip
Prowse and Peter Wright have
given the Dutch ■ National
Ballet is a tremendous chal-
lenge, and a- superlative frame-
work for endeavour, and to fill
it out will be a notable achieve-
ment

To see the. bronzed face of
Henry Kissinger, looking out
of the television screen, with
that familiar croaking accent
voicing Ms * admiration, for
British toughness, in the field,
surely meant we were having
yet another re-run .of the Falk-
land* war: But no; this. time
the former UJ5. Secretary of
State was simply' giving his
-views of the relative chances
of ' the ' various teams - in. ' the
World Cup. He is, apparently,
.an addict, which is- more than
you can say for. a. large .pro-
portion -of the British popu-
lation.

Like ij or. not, however, this
Is World Cup. time and. neither
of the main channels is. going
to. let us. forget In. my own
remarkably unscientific survey -
of enthusiasms- it is -the .events
in. Spain’s footijaH stadia which
have considerably outshone
Wimbledon of the Test series.

Spain has had the advantage
of the weather, of course, aid
as Test Match and Wimbledon
commentators struggled .with
the deluge from British skies, so
our TV men in Spain sat inter-
viewing team managers on
sunny Iberian balconies over-
looking gle aming swimming
pools (“the players don’t use
the pool, it's too cold " we were
told mysteriously)..

With all those chilling Falk-
lands pictures at last reaching
our scrams it is a bit unnerv-
| ing to hear so many military
terms applied to what is sup-
posed to' be a leisure activity.
How many times were, the
Northern Ireland * team
“heroes”? But it is unavoid-
able. The language does not
contain enough synonyms for
us to have a separate dictionary
for sport and war. .

On the scale of involvement
and hysteria, however, Britain

comes fairly well toward the
bottom. I watched some of the
matches on French television,
and others, including the appal-
ling Gennany-Austrifc fiasco, in
Bavaria. The pictures are all
(he same, with that strange
yellow windscreen wiper swing-
ing over to reveal the action
replays, but the commentaries
definitely are not

The German commentating
style was certainly the most
terse, with the commentators
naming players and letting the
viewers do most of the think-
ing' Teg-work; the French on
the other band seemed a touch
more excitable than the British
(although thongs got a bit out
of hand on UK screens during
Northern Ireland v Spain) and
were not content to leave the
vast gaps of silence that came
frequently during German
coverage.

During one match the French
commentator had his micro-
phone a little too. near to that
of a Spanish speaking colleague.
What a difference. When even
the Frenchman was struggling
for words the Spanish descrip-
tions continued rattling over the
airwaves with the persistence
of rain on the Wimbledon cov-
ers. Not speaking a word of
Spanish I began to wonder en-
viously what I was missing. If
all Hispanic soccer coverage is
like that it is no wonder that
they have been known to go to
war over the game.

It is only during this World
Cup that I have begun to realise
why Jimmy Hill is such ah in-
valuable anchor man and why
he and David Coleman are doing
so well. While ITV continues
on determinedly with its chang-
ine-room style of ageing stars
exchanging insider banter. Hill
and Coleman manage to keep
non-affirionados informed and

entertained. The audience for
the World Cup matches must
surely be somewhat different
from that for normal Saturday
games, requiring more of the
common touch and a greater
sensitivity to viewers who do
not know their Schachners from,
their Smomareks.

On Sundey (BBC 2) it was
good to see that Spain has other
fascinations- at the moment
apart from soccer players, seem-
ingly endless sunshine and
lengthy beaches. The World
About Us team plunged only a
little way into the hinterland
behind the Costa del Sol to find
a world of hills and coppices,
horse drawn ploughs -and soar-
ing honey buzzards.

The cameras remained for a
long time with the wild boara
of the region, if relatively
briefly with the hunting which
awaits the males of the species
in the autumn. What I did not
gather was whether these
apparently primeval creatures
would still be around if the hun-
ters did not want their annual
foray into the forests. It was
nonetheless a charming, infor-
mative and spectacular escape
from the slick world of corner
kicks and forwards “ going for
the old one-two.”

But that world is likely to be
with us for some time yet and
while the protestors may still
protest, the TV stations will be
able to point at the audience
figures that a match like last
night’s produced and say that
this is what the viawers want.
Of course, they are right and
when the Fourth Channel gets
on the air there will be ever
more alternative viewing for
those remaining who have not
caught cup fever.

After all, if it’s good enough
for Henry, it’s good enough for
me.

Cesti’s Orontea/Benmgbrough Hall

Martin Dryer

Yorkshire Camerata,. an
od 'hoc professional group led
by YTV producer Tony Scull,
has been quietly and skilfully
putting together - Baroque
operas for four years now. Its
latest enterprise, Antonio
Cesti’s Orontea, enjoyed the
first of sax performances in
Yorkshire last Friday at
Benin gbrough Hall, a splendid
Baroque pile eight miles 'north
of York, as pant of the National
Trust’s Festival ’82.

Written in 1649, and thus
probably the earliest surviving
truly comic opera, Orontea has
its origins in the jocular under-
belly of the gre.at. Venetian
tradition. This, was its first
modern professional production
in. unaltered form, though it
bubbled along with such confi-
dence for 2) hours that cuts
seemed unthinkable. The plot
has -all the wit and intrigue one

Christies’ main summer, sale
of Impressionist paintings on
Monday night was a disappoint-
ment with a sold total of
£539,460, the price of one good
picture in a better year. The top
price was a very modest £70,200
from Suita, 'a Japanese dealer,
for ” Nature morfa ” by, Giorgio
Moran di, which was 'on target.

A bronze, ■ Cavalieire ” by
Marino Marini,- went for £54,000
and. - the same sum secured
“ Deux femmes tenant an pot de
fleurs” by Leger .for a . South
African dealer. "Dora Hugo et
la femme de l’artiste ” by Paul
Helleu went for £51,840, way
above forecast and a Paul Klee,

might expect from a friar whose
scurrilous escapades kept him
constantly on the run. Orontea,
a young queen prey to emotion,
is attracted to a painter. But
his low birth falls foul of her
sense of honour. Inevitably
she vacillates. He quickly finds
solace elsewhere until, in a
denouement of Gilbertian com-
plexity and musical brilliance,
his royal parentage is un-
expectedly revealed. Two other
pairs of lovers keep dalliance
in fashion throughout. There is
aristocracy in us all, the fairy-
tale seems to suggest

Most of the nine soloists
f there is no chorus) are past or
present members of Opera
North, with whom Mark Lufton
in particular is well known for
his comic cameos. Here he
comes into Ms own as Gelone,
his plastic visage and versatile
bass exploring the entire spec-

Saleroom

Antony Thomcroft

“Auffallende Haare,” sold for
£48,600. But the two main lots,
by Chagall and Signa, both esti-
mated at £100,000 plus, failed to
find buyers.

Demand yesterday morning
was little better, with 39 per
cent bought in. Suita was again
the buyer of the top lots —
spending £21,600 on an aqua-
tint by Rouault V Exode.” He
also paid £20,520 for a drawing
by van Gogh, “Le batelier
assis.” •“ Augstieg ” by Kandin-
sky realised £20,520, too.

Prices have been much firmer
at the oriental sales organised by
Christie’s in New York. A

trum of drunkenness with
wonderfully disciplined
buffoonery. Elizabeth Lockwood
gives a regal reflection of
Orontea’s chameleon moods,
while Melvyn Osborne as the
bemused painter grows steadily
more focused as things
progress. Joyce Ellas’s implac-
ably lustful old nurse, Eleanor
Smith’s energetic page and
Leonie Mitchell's warm-hearted
flirt are but part of a side that
bats right fti rough the order.

Scull’s own direction of a
stylish Baroque band rounds out
a close-knit production that has
all the hallmarks of authenti-
city. yet none of the dust of
antiquity: it is extremly funny.
It travels to Wakefield, Sheffield
and Richmond this week, and
richly deserves to travel much,
much further. Could this be
the prelude to a Glyndeboume
of the North?

Japanese lacquer travelling
shrine made for the Christian
market in the Momoyama period
realised £115,116, a record for
a Japanese work of art sold at
auction.

On the first days of Sotheby’s
manuscripts sale Quaritch paid
£7 ,260 fpr an autograph manu-
script of Locke’s “ A call to the
nation for unfiy,” an apparently
unrecorded manuscript. An
anonymous buyer bought a sub-
stantial archive of material
relating to the Suffragettes for
£5.500 and an album of auto-
graph music by Verdi, RossinL
Bellini, Donizetti, Listz and
others for the same price.

r'

16

Financial Times Wednesday Jane -30, 1982

F I NANC1ALTIMES

BRACKEN HOUSE,: CANNON STREET, LONDON EC4P 48Y
Telegrams: Rnantkno, London PS4wTetee 8964871

Telephone: 01-2488000

Wednesday June 30 1982

Europe at odds

with Reagan

IT IS a measure of the per-
turbed state of the Western
world that the leaders of the
European Community, despite
ample scope for argument
about the workings and
enlargement of the EEC, should
have drafted communiques
concerned predominantly with
external affairs. The theme
which unites both main state-
ments — on the crisis in Lebanon
and on U.S.-Common Market
relations— is the rift which has
suddenly re-opened between
the American and the Euro-
pean halves of the Nato
alliance.

The virtuous-sounding under-
takings of the Versailles
summit are now shown up to
have been little more than a
pa-pering-over of that rift
Painful developments have
taken place since they were
made. The U.S. has turned a
blind eye to an Israeli invasion
of Lebanon. Mr Alexander Haig,
an unsatisfactory U.S. Secretary’
of State who, nevertheless,
provided a link between Europe
and the Reagan Administration,
has resigned. The U.S. has
attacked European sales of
steel to America with anti-
dumping levels. The U.S. has
abruptly blocked European
subsidiaries and licensees of
U.S. companies from participat-
ing in the Russian gas pipeline
project. And in the background,
the U.S. monetary squeeze has
re-asserted itself, driving dollar
interest rates and the dollar
exchange rate back upwards.

—has not yet established that
he has the ability to make the
upshot of such tensions
constructive.

In their statement on
latest war in the Middle East
the Europeans have forlornly
reminded the U.S. that* “Israel
will not obtain the security
which it has the right by using
force and by creating /aits
accompli, but it can find this
security by satisfying the legiti-
mate aspirations of the Pales-
tinian people." The Ten assert
that “for negotiations to be pos-
sible the Palestinians must
able to commit themselves __
them and thus to be represen-
ted at them” *

Statement

In Europe there is not only
anger about these developments
in themselves but also a mount-
ing disquiet about the U.S.
administration which has
unleashed them. Five-and-a-half
years after the EEC began
muttering about the short-
comings of President Carter and
his team there is still no satis-
faction in sigbL An economic
policy which is having ramifi-
cations across the world is the
product of no Thatcher-
like exercise of willpower
but of inconsistent
policies stretched four ways
between the Federal Reserve-
board. Treasury, Congress and
White House. A foreign policy
of no less importance is the
outcome of a power-struggle
between White House,
Pentagon. National Security
Council and State Department.
And the ring-master of all
these activities — the President

Slip away

The declaration on U.S.-Euro-
pean relations warns bluntly of
•- recent developments which
could have adverse conse-
quences for (Europe’s) relations
with the United States." It
would have been tougher still
had not Mrs Thatcher stepped
Ln and watered down the para-
graphs dealing with TLS- actions
over the gas pipeline in the
Soviet Union and the argument
about steel imports info the U.S.

The Versailles summit's com
nruni crue provided the basis of
a TapKnochement between the
U.S. and Europe which has since
been allowed to sHp away. The
Europeans do not accept
tousbened economic sanctions
against the Soviet Union- The
U.S. has not responded to the
spirit of economic co-operation
and compromise

The message behind last
night's communique from the
Europeans is plain and prob-
ably the better for its plain-
ness: the components of the
Western Alliance are drifting
apart. Mutual distrust straight
na t tonalism and economi c
nationalism bred of economic
fear are coming between them
8nd are threatening the prin-
ciple of free and fa 5 ** trade on
which their unrivalled ..pros-
ppritv was once based.

This is a consequence which
the unpleasant process of eradi
eating Western inflation, of
reconciling Western expecta-
tions with Western economic
performance, cannot be allowed
to have; and this is why the
“ genuine and effective dia-
logue " urged in yesterday's
communique is the most press-
ing duty faring the new U.S.
Secretary of State, Mr George
Schultz.

Strife in the

public sector

THE CHALLENGE for British
governments in the public sec-
tor pay round has always been
to get across to workers the
connection between pay, produc-
tivity and jobs. In response to
that challenge the present
Government has sought, on the
one hand, to impose a pay norm
that is consistent with the suc-
cess of its wider economic stra-
tegy; on the other, to reduce
the powers and privileges of the
trade unions so (hat competing
public sector labour monopolies
find it less easy to wrest money
from the Exchequer by submit-
ting the public to considerable

discomfort.

On the basis of decisions this
week by the National Union of
Raiiwaymen and by Aslef, it
appears that the message is not
sinking home uniformly. On
the issue of flexible rostering,
Aslef is intransigent and in-
tends to call an all-out strike
from Sunday. The NUR, how-
ever, abandoned its nationwide
strike on day one and yester-
day's unanimous vote to end
the Tube strike on 'London
Transport confirmed the earlier
trend.

tivity. He laid heavy emphasis
on the potential loss of jobs
and threatened to revoke the
closed shop agreement on the
railways.

The NUR membere were
almost certainly conscious that
they enjoyed much less support
from the public than the
National Health Service workers
do. The man on the train from
Woking may not feel unduly
bothered about the unions'
demands to have two men
drive a one-man train from
Bedford to St Pancras or about
the minutiae of footplate men's
rosters. But if he is forced to
come late to work with a frayed
temper and possibly blistered
feet too, his sympathy is not to
be counted

Confronting

Inevitably the Aslef decision
removes some of the gloss from.
the earlier victory wort by fee
BR management and the
Government in the confronta-
tion with the NUR. And the
importance of the vote to call
off the strikes can be exag-
gerated. The raiimen want
their claim submitted to arbi-
tration under Lord McCarthy
at the Railway Staffs National
Tribunal. Thereafter, the issue
would be reconsidered by a
special conference of the NUR.
Mr Sidney Weighell and his
men will have to be satisfied
that they have an improved
offer before the threat of
further disruption on the rail-
ways is completely removed.
With London Transport,
further talks are to take place
wife fee Government's arbitra-
tion service, Acas.

Less support

But London Transport does
not appear to have made any
further concessions. And in the
case of the NUR strike, it is
hard to believe that the direct
appeals to the workforce by Sir
Peter Parker, fee BR chairman,
played no part in the outcome.
Sir Peter has insisted through-
out feat BR’s 5 per cent offer
is rigidly conditional on product

The question now is how ex-
posed or otherwise the NHS
ancillary workers feel. The
Aslef decision certainly makes
them look a mite less vulner-
able, Yet here, too. a connec-
tion needs to be made between
pay, productivity and jobs. By
no stretch of the imagination
can the workers in fee NHS be
described as well paid. But in
the 20 years up • to 1980 staff
numbers In fee NHS more than
doubled to over 1.2m, while the
number of people treated grew
by less than 1 per cent

At fee fag end of the pay
round, confronting a Govern-
ment feat scents victory, the
health workers look as though
they are on a losing wicket. But
if the Government succeeds in
wrapping up fee current pay
round to its own satisfaction,
there remains a perceptible
cost.

The 4 per cent pay norm has
been frequently breached by
fee groups wife most disruptive
power, leaving a widespread
sense of unfairness. The
Government's efforts to attack
the big labour monopolies have
not been conspicuously effec-
tive to date. And fee so-called
Tebbit Bill, which seeks to
discourage closed shops, is not
something on which industrial
managers are over-anxious to
make common cause wife fee
Government

The Government can no doubt
justify rough justice over
public sector pay on fee ground
feat reductions in real pay
offer fee best hope of reducing
unemployment But the mono-
poly problem has still to be
faced.

INTERNATIONAL TRADE

By Jifen Plender & ;

H OW FAR is the U.S.
prepared to go in. applying
economic pressure to the
Soviet Union? How great is the
risk that Saudi Arabia's frustra-
tion over the American failure
to restrain Israeli action in the
Lebanon will precipitate a
second oil embargo or lead to
financial sanctions against U.S.
b anks ?

In fee aftermath- oi fee
resignation of Mr Alexander
Haig and the appointment' of Mr
George Shultz as Secretary of
State last week, no one can be
certain. But the very least that
can be said is feat fee Americans
are traditionally trigger-happy
when it comes to fee use of
economic sanctions ; and that
Saudi readiness to use fee oil
embargo in 1973 lends credi-
bility to any threat over current
events in fee Middle East It.
is a disturbing ’ prospect ffrr
Europeans who are increasingly
being caught in fee crossfire.

The immediate focus of Euro-
pean concern is fee derision by
President Reagan on June 18,
a mere fortnight after fee Ver-
sailles summit, to extend sanc-
tions against fee gas pipeline
from Siberia to Western Europe.

*. From the start the Reagan Ad-
ministration made no bones
about its hostility towards the
project. And it was quick to
seize fee opportunity provided
by martial law in Poland to im-
pose unilateral sanctions against
fee Soviet Union. Measures an-
nounced by President Reagan
on- -December 29 included con-,
trols on American sales of oil
and gas .equipment, together
with' a threat to extend the em-
bargo . to subsidiaries of U.S.
companies and to foreign licen-
sees.

withdrawal of deposits since
nuiBcrous; countries. Poland
- and Argentina among them, are
close r rto defatflLr ‘

Sanctions hardliner Casper Weinberger, ILS. Defence Secretary- (left) and Secretary of State George Shultz (right)

This move reflected a marked
shift in fee balance of power in
fee Administration towards the
unilateralists, led by Mr Casper
Weinberger, fee Defence Secre-
tary, at fee expense of Atlanti-
cism such as Mr Haig. The
unilateralist camp is anxious to
prevent any transfer of re-
sources from West to East feat
would help the Soviet military
effort regardless of European
sensibilities over detente. It
seriously believes, unlike -most
Europeans, feat .fee Soviet
Union is economically . on . its
knees and feat sanctions could
force the Soviet leadership to
consider fee politically risky
option of economic reform.

Conscious of fee damage done
to fee Alliance by fee Decem-
ber 29 measures, the
Atlanticists succeeded earlier
this year in steering the
argument over East-West trade
away from energy onto credit.
The Versailles summit appeared
to have dispelled some of the
acrimony wife communique
references to “prudent" econ-
omic relations with the Soviet
Woe. The Europeans and the
Japanese left with the im-
pression that they had agreed
on tighter credit for the Soviet
Union in exchange for a relax-
ation of the U.S. embargo on
gas equipment.

It is now clear that the pre-
summit discussions on credit
was difficult. And not simply
because of different perceptions
about what a co-ordinated
credit policy could or could not

achieve. The Americans wanted
agreement on a mechanistic
system of credit control which
other summit countries re.
garded as unacceptable. The
Europeans countered with
proposals for a more flexible
approach.

These differences were not
adequately resolved before fee
Versailles meeting and fee
French appear to have been
particularly obstructive, reveal-
ing at the last minute that their
ability to accept fee American
proposals was limited because
of a secret accord wife fee
Russians on credit. President
Mitterrand nibbed salt into fee
American wound by appearing
to disown the new agreement
at a press conference immedi-
ately after fee summit.

The result was feat when
President Reagan returned to
Washington, conservatives in
the Administration were able to
argue that he had bargained
away his leverage over the allies
for a non-agreement cm credit.
The Russians, they claimed,
were receiving all the wrong
signals: having set out to bar-
gain with fee Soviet Union from
a position of strength the
Administration had trimmed its
sails to the wind of American
public opinion on arms control
and shown little real toughness
in foreign policy. The Presi-
dent look the point and
extended the embargo.

A first-class row is now inevit-
able between the V.S. and
Europe, not least because fee
oil and gas equipment embargo
coincides with other purely
economic tensions over steel
and interest rates which
threaten to spill over into poli-
tical relations.

The retrospective and extra-

territorial nature of fee sanc-
tion is particularly irksome to
the Europeans. . There is
resentment at fee U.S. fail ore to
use its own grain weapon or to
consult .more titan cursorily
wife fee allies before arm-twist-
ing them into sanctions which
they do not expect to influence
fee Soviet Union more than
marginally. As fee Ameri-
cans do not have a monopoly
of the relevant technology for
fee pipeline, delay is all their
action will achieve.

The U.S. is not, as yet, com-
mitted to all-out economic war

This is bound to worry Euro-
pean governments on two
counts. First, the U.S. has
already cut back so far on trade
wife fee Soviet bloc feat it has
few sticks wife which to- beat
fee Russians except grain. Short
of a new grain embargo it can-
not have a policy of economic
.containment towards the Soviet
Union unless it borrows
Europe’s economic leverage.
Co-operation with -fee Euro-
peans will be much harder to
achieve after the extension of
the oil and gas equipment
embargo. ' Further bullying

A first-class row is now
inevitable between Europe
and the United States

with fee Soviet Union. But it
is dear that fee balance of
advantage in the Administra-
tion now lies more with fee
conservatives who want to pur-
sue a policy -of economic con-
tainment towards fee East, than
with the Atlanticists. Nor is
there any guarantee that the
U.S. will not seek to take fur-
ther economic measures if
events so dictate.

Economic sanctions are used
in peacetime not because of any
intrinsic merit but because
the alternative options are un-
pal table. If the situation in
Poland or fee Middle East
deteriorates, the U.S. wiH be
hard pressed to find other
measures wife which to send
strong signals to fee other side.

cou&d feus ensue, with con-
sequent strains in fee Alliance.

Second, fee U.S. is most likely
to be tempted to apply financial
sanctions since it can exercise
disproportionately large lever-
age depute fee relatively low
level of its own financial rela-
tions wife fee Soviet Union.
Moreover, fee scope for exert-
ing financial .pressure has
increased dramatically as ' a
result of fee recycling process
whereby Western banks accu-
mulated huge Opec deposits
(whose withdrawal could pose
a threat to banks' liquidity) and
non-oil developing countries
ran up huge debts (on which
default is a potential threat to
fee solvency of fee b ankin g
system).

Blocking deposits is- not new:
fee Americans did - it, for
example, wife China in 1950,
Cuba on 1962 and North Viet-
nam in 1970. What is new is fee
scale on which it can be done
after recycling and fee high risk
involved as fee world faces an
incipient financial crisis.

• When fee Carter Administra-
tion blocked $12bn of Iranian
financial assets in 1979 in order
to apply pressure for fee
release of fee: US. hostages,
both hostages and' banking
system, emerged intact. ..

: Today fee internatibnalbabk*
Jng system is even less stable,
because of Eastern . Europe's
financial difficulties and because
Third World countries are
having difficulty servicing debt
while fee prices - of feeir
primary products are - toata-
stropfricaiHy low. What would
fee response be to . a Saudi oil
embargo combined wife' threats
of deposit withdrawals . in
response to the American
failure to restrain Israel ?

In theory fee West has little
cause for worry about deposits.
There is nowhere outside fee
Western banking system for
Saudi Arabia to put its money.
If it removes dollars from
American banks into European
banks, they would no doubt he
recycled. And if fee dollars
were swapped for D-marks,
there would be loud cheers 3ll
round as fee dollar weakened
and American interest' rates'
felL • . • :

Anything • which adversely
affects confidence is/ admits
tedly, dangerous, particularly
against the background of an
oil embargo. Bui in practice
political manipulation of inter-
national debt probably presents
a greater threat to the stability
of fee banking system than .a

Men & Matters

Tailor’s yarn

John Packer was in London
yesterday making plans for his
next party, it is not until 1983.
but since Packer reckons to
give the grandest parties known
to modem man it is none loo
early to start the preparations.

Packer runs Reid and Taylor,
which in recent years has pro-
gressed from supplying top
quality Scottish yam to making
suits in fee £200-£S00 price
range. Every two years Reid
and Taylor mounts a party for
its customers, just twenty
throughout the world, and its
customers' customers, and lives
off fee good will until the next
time.

feeir v/alk-on parts in such a
glamorous event.

The next will he held in the
UK. just where Packer is not
saying, but his efforts to pro-
mote British style, abroad, as
well as his own suitings, have
impressed enough to earn him
an OBE in the latest Honours
list.

On the boil

Of course, more than good
will comes from fee junkets —
which cost around £250,000.
You can now buy a Reid and
Taylor suit at Austin Reed,
thanks to the publicity which
surrounded last year’s event at
Schleissheim in Bavaria, which
was impressive even by Packer's
standards.

The 300 guests at fee castle
were greeted by 80 pipers and
16 trumpeters. They observed a
convoy of RoLis-Royres. the first
bearing Princess Margaret, and
a fashion show (the business
bit). They ale a banquet served
by liveried footmen which
started with lobster souffle and
truffles and then got grander
while they drank pink cham-
pagne.

Finally, they listened to what
must have been fee most expen-
sive concert per minute of
recent years. For an hour,
Monserrat Caballe, Jose
Carreras. Agnes Baltsa and
Boris Christoff sang. The
collective fee was £24.000, with
Caball6 and Carreras taking
£3,000 each.

What makes the venture
bearable for Reid and Taylor
is that it only had to pay
£86,000 of The cost. Other
leading exporters of cars,
jewellery, furs, accessaries, etc.
are quite prepared to pay for

Terence Conran's new boiler-
house gallery of industrial
design continues to carry a
startling message.

It packed its first punch
when it opened in January wife
an exhibition devoted to the
influence which the world's
leading designers have had
over fee shape and function of
industrial products since the
1850s. Only one of fee items
was British, a Gestetner copier
designed in 1929— by an
American.

The gallery, housed in the
Victoria' and Albert Museum's
former boilerhouse, then
nibbed salt into the wound
with another exhibition, the
first ever devoted to fee re-
markably successful designs of
Japan s Sony Corporation.

And yesterday it held a pre-
view of its latest enterprise,
which traces the past 25 years
of work by Dieter Rams, whose
"clean, crisp and functional"
products for Braun of West Ger-
many have set a trend for
British competitors to ignore at
feeir periL

His ability to transform such
mundane appliances as shavers,
hair curlers and coffee machines
into elegant and efficient objects
has won Braun immeasurable
international success— not least
in Britain.

By comparison, fee attention
paid to design by most British
appliance makers appears woe-
fully inadequate.

Such laggards' old argument
was that British consumers
were not prepared to pay for
good design — a statement

rendered obviously inaccurate
by fee hordes who now flock
to buy products by Sony, Volks-
wagen and. of course. Braun.

As if to back up cynics who
maintain feat the fault lies with
conservative producers rather
than the public. Rams yesterday
praised “the demonstrated
awareness of the British con-
sumer of the part design can,
and should, play in the creation
of products.”

But Rams warns that would-
be emulators of Braun’s success .
should avoid short cuts. Design
wiH only be taken seriously, if
a product’s attractive exterior
is matched by top-quality
innards.

Getting licked

Strawberry ice lollies from
Northern Ireland are making a
big hit is the Middle East

Hot and thirsty Sheiks from
the Gulf state of Dubai have
ordered 2m of them from Dale
Farm Dairies of Ballymena—
fee first Northern Irish ice
cream to be sold in bulk outside
Great Britain, according to Dale
Farm.

'* If somebody told me a year
ago feat we would be exporting .
ice lollies to Dubai, I would
have told them to get feeir
head examined. Now it’s come .
true,” says production manager
Frank Kerr.

Quality, speed, competitive
pricing and good personal con-
tacts clinched . fee deal, he
maintains.

For Dale Farm’s next trick,
it is working on a special re-
quest from its Dubai customers-
— for . ice lollies iu feeir
favourite mango flavour.

runner. Lord Justice Temple-
man, has fallen bad: and is
likely to be compensated by a
judicial seat in fee House of
Lords when Lord Russell
retires from fee ranks aC fee
Law Lords.

Lord Justice Donaldson and
Lord Justice Oliver are thought
to be neck-artd-neck as they
race for fee winning post

Donaldson is said to be Mrs
Thatcher’s preferred candidate,
and to have fee backing of fee
Lord Chief Justice, Lord Lane.

Oliver, say -the Inns of Court
pundits, is favoured by the
Lord Chancelor, Lord Hadlsham,
and a majority of the judiciary.

But there is a growing feel-
ing that in this, os in other
matters. Thatcher will prevail.

• It is a view shared by my
man at the High Court.,
“Donaldson by a short head,”
he forecasts

Cash 22

Lloyds Bank, keen as ever to
help its travelling customers,
has issued instructions on how
to use its cheque card abroad.

. ** You’ll be- able to draw up
to £100 a day, although each
individual cheque will only be
guaranteed for up to £50,” it
advises. So far so good.

' But; fee bank goes on: "You
should also plan how much you
wiH need, as your cheque card
only allows . one transaction
each day.” Nothing lifae flexi-
bility when it comes to figures.

Bull in the bush

Staking out

It looks like being a photo-
finish in the Denning Succes-
sion Stakes.

Wife an. announcement about
the next Master of fee RoCls
expected very shortly, the
word feat the early front

From an' article on stock market
scares in an Ohio newspaper
“Not content wife the fat bird
in feeir hands, and spurred mi
by greed and rumour, the bulls
believed they would find fee
proverbial two birds in- fee
bush. When at last the bubble
burst, the cat was really among
the pigeons.” .

Observer

companies, forthe management of their own fleets,
the expertise and experience which^A/e had

operators, we reallsedthere was onfy one way to"

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in this way you receive full benefit from the
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Address .

.Tel No.

; The ;U<S. has sot been slow to
. exploit opportunities to impose

- political conditionality where
official debt fs outstanding, a
prce^ : majeure clause was

' inserted into the reschedakug
agreement reached wife Poland
••by" official, creditors last year

■ at American behest And after
v rtartiil - law/' in Poland, fee
. hVwks in fee U.S. Admitostra-

■fern argued strongly: for calling
. a^defaiat on Foiish.debt Gross-
defatdt clauses - wmdd - have
.been triggered, - so farcing

• Europeans to follow suit w$Uv
~ -TiiHy .'

If events take a newr tnm for
the worse ta Eastern Europe, ft ’
wiH be harder to head off the
prodefault lobby. The Slate
Department and the Treasury ‘
•won fee' argument for restraint*
'..last December on the, ground
feat c aai i ipg a; default would
release General Jaruzelski from
fee .pressure of debt .service.
By now .fee flow of foods, from
Poland to the West is ,so mar-

- gfeal feat the argument scarcely

bolds iip. • ‘ ; v

. The worry is that a politically
: inspired -default in Poland
might coincide, with, defaults
elsewhere/ There has rbeen. talk
in Argentina, for example, of

- calling -mqraforimiL in order
to obtain- relief -from.', debt
serviced A- moratorium . comes
-dose to fiaanriaF snreide- since
it cute fee debtor off from fresh .
credit./ ■ But if \ a . country’s ■

- leaders are, in- a political comer,

• they may not art predictably. 1
As wife deposit .withfrawals. it
is the on calculated . .reaction

- that bankers have to fear.

- The network: of central bank
agreements: "set up after the
collapse of fee Herstatt Bank
.in 2P74 .provides a framework
in which to handle a financial

- crisis. .^But aS contingencies
cannot r-be. 'inmi^ against. In
fee meantime' banks: are paying

- more 'attention- to political con-
sideratiaas- 'fe- Sovereign ' risk

'■ assessment, which « reinforces
fee - contraction of "'credit that
now. threatens fee international
system. *

On / Polish debt, European
officials are ; crusting - their
fingers and . hoping that. General

- Jaruzelski mU do something to
:-ease fee -martial law regime—

. pressure from Moscow. notafeh-

■ standing — before fee Pope visits
Poland later in the summer.
This would provide ah excuse
to relax sanctions and go ahead

. with, rescheduling . along wife
fee provision of fresh credit
But if Jaruzelski holds fast fee
scope for tension between fee
U.S. and -Europe wiU increase.
Creditors may be tempted tb
cut mid run. The financial
situation could : become more
dangerous.

;. Tbb U.S. attempt 'to squeeze
fee Soviet .Union economically
has qot stopped, the pipeline.
What it has done . is to give
-General Jaruzelski an oppor-
tunity to influence relations
within a Western alliance feat
is already - -uncomfortably
divided, an ironic outcome
which the Russians no doubt •
savour.

Bui

turi

0tflC

w in . 1 *

ijifiran

ijiructi

Management contracting:
including a look at the
work of Kyle Stewart II

opinion divided about
best method II

Management methods:
clients adopt a fluid,
approach 3XC

Ready-mixed Concrete:
slump prompts takeover
spate IV

The new head office of Johnson
& Johnson at Slough: winner of
the Concrete Society 1982 Award

» '»♦»»,

.* *'****««»

Government cuts and the recession have in recent years led to a serious drop in the UK construction
industries 9 workload. There are* now signs of a modest recovery. Meanwhile the industries are
taking a long look inwards. Traditional techniques and practices are being challenged.

Builders tight to
turn the tide

BY MICHAEL CASSELL

IN THE last decade, there has been a near-30 per cent
drop in the domestic workload of the UK construction
industries. With no immediate prospect of any
significant and sustained improvement in output, the
construction sector is now taking a long overdue look
at how best it can help itself.

A more thoughtful approach to its predicament
will not prevent the industry from m aintainin g pres-
sure on government — the prime client — to accept the
construction Industries' fundamental role in the
economy and its potential for generating economic
revival. The message* which most would accept, will
continue to be accompanied 'by calls for more cash,
which is less readily forthco min g.

■ But an industry which has
• been proud to be associated
i- with initiative and free enter-
' - prise, whilst at the same time
- inevitably looking primarily to
, the state to fill its order books,
. -Is now turning much of its
5. attention inwards, examining
both market opportunities and
r. methods of approach which can
? produce badly needed work.

'‘ r - Mr Kenneth Cooper, director
' general of the National Feder-
ation of' Building Trades

Employers, told a recent con-
ference on construction market
opportunities: “ While the
country has been spending more
on holidays, cars, televisions
and. videos, it has invested less
in building.

“That tide needs to be
turned. Doing so depends not
only on general economic
recovery and growth. • It ‘also
depends on the industry itself;
on its ability to deliver, its
ability to anticipate and respond

to market needs and its ability
-to generate what people will
want to buy; in, short, ■ on its
readiness to market itself in
new and more, forceful ways.” ..

The construction Industries
have long been criticised for
knowing well enough how to
build but knowing little about
selling themselves to their
-customers. For too long, the
critics suggest, the construction
sector operated in a post-war
sellers’ market and proved itself
incapable of adapting when the
buyer began to set the ground-
rules.

The scope * for offsetting the
huge reductions in public sector
construction work must remain
limited, however,' given the
scale of the continuing govern-
ment cuts. Construction output
in. the public sector fell by
another 9 per cent in 1981 and
in the past three years the trend
has been strongly downward,
reducing work levels to close to
half the 1970 level.

At the same time, the reces-
sion has knocked the feet froip
under parts of the private sec-
tor. Building work for indus-
trial customers dropped' by
over 20 .per cent in 1981,. pri-
vate housing output by 12 per
cent in volume terms and even
repair and maintenance-^whieh
had represented one of con-
struction’s brighter spots-^ '
dropped back by 10 per cent

There are now some signs
that the overall picture is. after
several years of decline, begm-

Kea] Madrid’s Santiago Benubeu stadium was given a complete facelift in preparation for the
World Cup at a' cost of £2.75m. The modernisation involved extensive use of Cemfll glass ir e-
inforeed cement, a PiUdngton Group product for special eanopies designed to meet a .FIFA '
requirement that at least two thirds of the seated accommodation should be covered

ning to brighten up, although
any recovery is expected to be
modest and fairly* slow. Even
at current, depressed levels of
output, however, it is worth
emphasising that the UK con-
struction market still turns
over about £28bn a year.

But in an increasingly com-
petitive dimate, changes in old
and tested techniques are in
need ‘6t review and those who
adapt first stand to make most
ground on the rest of the field.

The contractors are not only

having to look at those mar-
kets which offer most potential
but they are having to re-exam-
ine their traditional approach
to seeking and carrying out
work

There is no question, for ex-
ample, that while a great deal
of future construction work
will continue to come along
the traditional route — from
client to professional agent to
contractor— the “last link” in
the chain will need to adopt a
more aggressive role in generat-

ing business opportunities. For
some contractors, the “ first and
last link ” approach to win-
ning work is fast gaining
ground.

The variety of packages now
available to the client, remov-
ing the conventional system of
project organisation in favour
of total integration of the de-
sign and construction process
represents a significant attempt
by tiie Industry to provide the
client with a more efficient,
cost-effective option and to pro*

Cement: consumers look
overseas IV

Timber: importers move
into softwood IV

Briek industry: ready for
take-off IV

Architecture: a profession
in turmoil V

Building aids: cutting down
access problems V

Competing claims: the brick
against the timber method VI

vide itself with an enlarged
work load.

There has been a growing
belief, both within and beyond
the construction sector, that
continued adherence to the tra-
ditional method of contracting
and the Standard Farm of Con-
tract is not serving the best
interests of the industry's
cheats.

In recent years, several re-
ports have emphasised that con-
struction is the only major in-
dustry in the UK in which the
processes of design and. con-
struction are separated. Under
most forms of b uilding contract,
the client has taken responsi-
bility for design while the con-
tractor accepts responsibility
for construction — as well as the
major risks.

As Bernard Hodgson, of “ fee-
system” pioneers Bovis points
out: " The building owner
appoints and employs design-
ers and the contractor employs
subcontractors, some of whom
have design responsibilities. In-
evitably, therefore, there are
areas of responsibility which
are at best poorly defined and
at worst not defined at all.
There have been an increasing
number of cases before the
courts in recent years which
illustrate these points.”

He adds: “The separation of
the processes of design and
construction is one of the big-
CONTINUED

Pre -assembled housing units,
homes which are made in

factories VI

Steel framed build wgsystems:

increasing the versatility VII
Profile: Findus' new plant

In Newcastle Vm

The Building Research
Establishment: what it

does vm

Editorial production:

Mike Smith
Design:

Mike Wiltshire

gest problems which faces a
building owner. He may spend
many months or even years
planning his project with his
design team and yet he only
assembles his construction team
a short time before site work
commences. The construction
team is unlikely to be familiar
with his requirements, they will
not necessarily have worked to-
gether before as a team and
may not have worked with the
designers.”

It is against this background
that the Joint Contracts Trib-
unal has now evolved two new
-contract documents designed to
cope with the growing use of
design-and-c on struct procedures.

The traditional method of
contractor selection, by compe-
titive tender, is also again
under close scrutiny. Within
this approach, a number of con-
tractors are provided with
identical information about a
proposed scheme and fhe low-
est tender wins the job.. The
tender becomes the contract
price but it follows that if the
information originally provided
is not accurate and the project
not well defined, or if the
clients requirements change,
then the price is adjusted.

It is regularly the case that
projects are not clearly and
concisely defined at tender
stage and that reasons will
ON PAGE IU

Responding to the needs of a changing world

On every project targe or small, the owner is looklngfor
increased cost effectiveness and better control of the numerous
activities and specialist skills leading to the realisation of his '

. facilities. Every owner has the right to expect the best - careful
management at each stage of a projects preliminary study
design, construction to occupation is'vital to produce the project

on time at the agreed price and quality
MANAGEMENT - The main area of change in fhe building
industry is without doubt in management People who can
respond and adaptto change bythe development of their basic
skills will take an early and active part in team membership or
assume control oforoieetdevdooment Wimoev have such people

-SPECIAL PROJECTS UNIT - Initial contact with organisa-
tions as large as WImpey may be a little dauntingto a client One
of the functions of the Special Projects Unit is to simplify this
contact so that a speedy response may be arranged tosolving
your problems.

The Special Projects Unit provides: ‘

* a point of contact for the client or his
professional advisers

U # identification of clientand project needs

# determination and mobilisation of the
necessary resources and expertisefor
a given project

|igtVO®

lUo

* direction of contract proposals

* agreement of services to be provided

* establishment of effective management teams.

Where owners and their advisers bring in the practical
experience of Wimpeyin the very early stages, project evaluation,
design, construction and commissioning can be fully integrated
to produce better considered facilities and substantially improved
completion dates. •

Forfurther information, please contact:

W. R. MARTIN - DIRECTOR Special Projects Unit
on0t84624S5. ‘

i

3

1

n

Financial Times Wednesday Jjrne. 30 1982

Co
Mana

ion

M?

BUILDING METHODS AND MANAGEMENT H

Kyle Stewart is the latest British builder to move into management contracting

New system increases

1 -

y ION&

There are many terms to describe the alternative methods of
bulldinq contract open to you. Management Cont ra cts.
Construction Management, Package Deals, Design and. Build
and so on.

But whatever term is used, the Tsrrnac/Cubitts Construction
Organisation can iay the ftscts on the line. The advantages and
disadvantages of contract types. The financial advantages and
time savings. And above s.)l can find the contract form that
suits YOU. not the contractor.

Fbr a brief insight intc cur wsyo?bu5.ness. why not send for
some concise facts.

• pSSl 1 \p. 4 M 5 ?

Name:.

.Position:.

Gompapys.

Tarmac Construction Limited. 2 Canwali Terrace.
Regents Psr'r- London NYV1 4QT Tel: 01 *935 2546

WHEN John Player looked for
a new way of finding designers
and contractors to build its new
factory in Nottingham in 1SHSS it
could hardly have realised that
it was sowing the seeds of a
quiet revolution in the building
Industry. That contract, worth
about £40xn at current values,
was carried out by a system
which has now become known as
management contracting. From
one job in the East Midlands 14
vears ago the popularity of the
method has blossomed to the ex-
tent that even the roost diehard
traditionalist will now at least
look at a management contrac-
tor when he wants a new build-
ing.

A staff member on that con-
tract was a young man named
Flower Downing. His early ex-
periences in Nottingham left
him convinced that the system
was a force to be reckoned with
and he has spent the intervening
years working at it — first with
Boris then as managing direc-
tor of its subsidiary Yeomans.
Still young at 36, he was last
month appointed chief execu-
tive of Kyle Stewart Manage-
ment Contracting, the latest
firm to be set up with the sole
intention of working within the
discipline. He spent 15 months
setting up the company.

such a conservative industry In
less than two decades? The
answer is amply illustrated by

KSMC’s modus operand urn in
winning its largest contract to
date, a £10m industrial project
in Corby for a growing elec-
tronics firm RS Components.

Had RSC chosen the tradi-
tional route, when it decided to
centralise its manufacturing
and storage facilities in a new
building, the first port of call
would have been an architect’s
office. It might have been an
architect chosen for his reputa-
tion with this type of project —
he might easily have been
chosen almost at random.
The next call would have
been to a consulting en-
gineer, then a quantity sur-
veyor, an electrical and mech-
anical engineer and so on until
he had what he thought was the
right team to design what was
so far no more than defined
need for the facility to expand
business.

Under the direction of the
architect the team would have
set-to and eventually come up
with a design. A shortlist of
builders would be asked to
tender for the actual construc-
tion work on the basis of the

Roger Downing: concerned
the method coaid get a bad
name

bringing the new building' Into
the world.

So, instead of paying a call
on an architect, RSC and its
advisors invited a number cf
uon wutk on ine u»» »i uw management contractors for
drawings and their attendant ‘ inte ^ ew . A pr0 cess 0 f elimina-
tion reduced the list to a hand-

Respected

That a company of Kyle
Stewart's reputation and turn-
over should choose to set up
an entirely new operation is
symptomatic of management
contracting's place in the future
of the industry'. The company
already has a respected track
record within the industry with
an impressive list of prestige
projects under its belt since,
formation in 1053. Its construc-
tion, refurbishment, mechanical
and electrical services, joinery,
plant hire and property divi-
sions together with its new
associate last year turned over
about £S0m. The new subsidiary
has already won a pair of con-
tracts together worth more than
£16m and there are more on the
vray.

What is this new way of life
which has altered the face of

bills of quantities. A contractor
— almost invariably the one
who submitted the lowest price
— would get the job which he
would carry out under the
direction of the architect

The moment RSC had a
change of mind on some par-
ticular point of design the prob-
lems would have started, Des-
pite all the best intentions it is
a fact that each professional
element in the building process
has vested interests which can
prevent it from acting in the
best interests .of the client it
is supposed to serve. At the
first sign, of a change -to the
contract the builder will reach
for a claim form and the effects
— financial and otherwise — will
be felt right down the line.

RSC had the benefit of advice
from two sources: its concep-
tual architect Chapman Hanson
and project management con.
sultant Dearie and Sanderson
advocated a different way of

ful and these were asked to
submit an outline design pro-
posal, a cost plan for their awn
project, the fee they would
want to design and manage the
job and a construction pro-
gramme. In this case Kyle
Stewart won the job.

Apart from the contractual
skills brought to bear in the
design stage the management
contractor offers one overriding
feature to a project like this.
He becomes almost by defini-
tion- one of the client’s,
employees and from now on
controls the contract on the
client’s behalf. If his needs
change so docs the job and
vested interests are not allowed
to get in the way.

The design team is chosen
according to suitability and the
specialist sub-contractors .. by
competitive tender. The: man-
agement contractor controls all

these people and they answer to .
him. "People engineering " is
one apt description which, is
frequently applied to .the con-
cept

By tight control of the whole
process the management con-
tractor cats contractual and
financial risk to a minimum. If
tiie sub-contractors work within
the system their, profit is
almost guaranteed. If any prob-
lems crop up the programme
can be altered to catch up on
lost time. If costs rise the client
can ask for design changes to
be made to keep the project
within cost limits. In a word,
the whole process is flexible.

Roger Downing is firm in his
belief that only the -manage-
ment contracting philosophy
can totally match up to the
client’s needs. He is equally
firm in his assertion that it is
not a panacea for the industry’s
reputation for poor perfor-
mance and admits ‘to having
advised some potential- clients
that their needs might be better
suited by sticking to tradition.

He also has distinct reserva-
tions about the attitude of
some of his competitors who,
he feels, could conceivably give
the system a bad name.. He can
already see serious problems
ahead if this reputation starts
to spread.

"In 1968 in Nottingham a
system was developed to match
a demand,” he explains. "The
time-honoured way of doing
things wouldn't have worked
for Players in that case and
the industry responded by
adapting to the demand. But'
there are some signs- that if*
already going wrong."

• "There are those who" -would
like to see the art come down
to a document — a standard
form of contract 'You don’t
need a document, yoii need a
philosophy. You’re selling a
system and then a company and
if you get it wrong you . do
serious damage to the reputa-
tion of both.

‘ "The concept is showing
signs' of becoming sterile and
hidebound— exactly the kind of
thing we wanted to get away

from in the -first place. . It is • When the . opinion, expen-
irresponsible to .say that man- ence and expertise of a contrac-
agemest contracting ' is the tor are demanded during the
be-all and end-all of the indue- design stage. There are
try. but. some people are saying numerous examples on record
exactly that to the detriment of of jobs that went soar because
good management contractors." “ '

Identifiable

The areas where management

^dly dSnST buTfeey^ foil jj* been appointed, by which
into an Identifiable group. Kyle time to ° late '

tiie designers vision simply
failed to take account of the
realities of the building pro-,
cess. The old method could not
in . any circumstances tap the
builder’s knowledge until he

Stewart's description : of the
group f&lls broadly info line
with other experts in the field
and is summarised under four
headings.

• When the earliest possible
start-date on. site is, vital.
Almost ' invariably a new build-
ing project— or a refurbish-
ment job-TW part of a larger
plan and once funds have been
earmarked for investment the
quicker they can. be put to use
the better.

• When the - precise nature .of
the wock can not be drawn out
with- exact precision. This . is
especially the case in conver-
sion and renovation jobs where
the unknown is always just
around the corner. Flexibility —
a buzz-word among manage-
ment contractors— is essential
in these circumstances.

• Where- projects are so large,
complex or of such abnormal
duration that they tend to
generate their own unique prob-
lems. Suspect decisions taken
in the design stage simply have-
to be ironed out. Again, the old
method does not lend itself to
mid-stream alterations.

The management contractor
movement in general could well
rescue the construction indus-
try’s tarnished image If it is
applied in the right way. But
the message is quite clear: here
is an alternative and better way
of building. But if its protagon-
ists try arid change totally the
state: of the industry we will
rapidly see a return to the bad
old ways of inflexible working
—exactly the- opposite of the
new wave’s spirit.

Paul OTansell

a

out

CAVITY WALL insufatitm Is ■ butting although . in convert^
now widely accepted as - being tional walls it would nonnally.

E £VM SAVING

MS £3M CONTRACT

LD

J

M

1

MOTHER STOREY

Sis

A £500,000 savins is a very
impress; ve testimony for the Lovell
parallel working system.

Lcok&tit this way.

Ola rive storey £3 million contract,
£500.000 equals another complete floor,
give or take an "RSJ or two.

That's the level of the saving.

As these twin buildings went up in
kliiton Keyses the cost came down.

And ail because we got together early,
and wo: Led in parallel with therestof
taeprejeetteamfrom the design and

cost-planning stages.

Ourinvolvementsiarfedafegrass
roots level, and went frranconcajttb
completion in under 20 months. ~

Clearly the Lovell parallel system
paid off.

No wonder National Car Parks and
European Ferries were impressed.

In parallel with
Lovell, buildings go
up and costs come
down.

If you would

like somemoreinfonnationonhow
Lovell saved other companies time and
money, please contact us.

Yours could be another storey!

Eric Vassal; Managing Director,
Lovell Construction Services,

Getrards Cross, Bucks SL9 8ER.
Telephone: (028 13) 8221L

//M„ Lovell

the most cost-effective way of
reducing energy loss from dwel-
lings but there remain consider-
able differences of opinion about
the best way to achieve this.

Homeowners in Britain have
recognised -the benefits; and It is
estimated that more than im
dweffings are now. insulated, in.
this way, mostly wife urea
formaldehyde foam, .a low-
density cellular material wife
a consistencyrather Hke shaving
cream.’

This Is normally made on site
by forming together in a com

be . sufficiently, protected from-
fire to avoid danger.

Polyurethane foam, formed in”
situ, also has this risk attached -
but like UF adheres strongly to
masonry and does not shrink or
crack , significantly. • Again, cost -
i&also-considerably higher than :
most other fillets. . - .

Finally, expanded polystyrene -
loose fills can be used, with the
advantage that they are free-
running and normally fill a large
area with minimal drilling of'
holes — though any gaps or

result in “leakage." Glass fibre
is also used as .an alternative to
rock fibre, although it is less
dense when installed and
material costs are therefore
lower. _

Glass fibre'

."^ Insulation is being

uy iumuug wgeuier m a cum- . ~ *«*!«> ux

pressed air. "gun ” a mixture of 1“ J? c _ ; j ntenor wall will'

a water-based resin solution and
a hardener which solidifies the
foam. This is then injected in-
to fee wall cavity where it
hardens and dries, creating a
thermal barrier. In the course
of drying- fee foam' gives off a
formaldehyde vapour* however,
which can cause irritation to the

eyes and nose if it' permeates . ..

through fee interior wall, which uwtaned Increasfn jfly during the .
is more likely in timber-frame construction of houses, although:
houses . than aff-masorfry ones. , “ then normally takes the form
As a result of this problem, of S 1355 or rock fibre- slabs or
the use of this filler has been expanded polystyrene board-
banned in the TJ& by fee Con- “d is attached so as to remain"
sumer Product Safety Commis- m the centre of the cavity,
aion which Aid that it was too The BRE points out that these-

<nfflo i . lt _to impose adequate must be installed with consider-
safety control procedures and able cane to avoid serious nroh-
feerefore saw no alternative to Iems later on which can involve
a ban. the need to remove sections nf

However* it is accepted feat a walk Wide Sps hetween "
.higher proportion of U.S. homes adjacent slabs or boards miS
are . of timber-frame construe-- be avoided and any mortar
tiqn and feat. fee. mddence of prevented S ?SeS n5P '
problems in the UK is . low. “Good site supervision i?'im
According to the Building Re- portant to make stmj thS?
search Establishment . (BRE V are restrS 'bT E H
there haye.been only 22 cases of against the fone? iSf
immediate complaint per 10,000 wall and do not lean TcmL Sf
installations, while fee figure cavity against
^ J2J? nr pe * "Wnftar BREsalJFi '■
eight weeks. ■- .• Aggw .m*E3$g£«^:

w, . T !Ef5 all ? n 18 ^ means of a'

Materials . - thicker inner leaf, although this

' Dr Lyn Everett of the BRE floor

said there were a number of ftvouiff

materials j which were com- other insttiSng material^ ° f

earii with certain advantages lems of aU forms of wan in
and disadvantage s and also sedation is fee dancer
varying in cost However, urea creating a "mM L.?™l er °*
formaldehyde foam was by far insnlated^d-ea in V n '

the most popular and was genera building, norhaiK* 1 ?! P f n 0 - ^
gy being instaUrf in.a respond where^ma^SS^ dbS

st s'isTs- MSS*

SKm . 0 " 1 * 7 ^ JSSl s-

. The main advantages of this With fee installation «r

i-as'Artl?.

JS 0ors - and ^ has ofte U

cause of complaints
about formaldehyde fumes, fo.
extreme cases these fumes can
be neutralised by pumping in-
although this ,
Is an expensive undertaking.

th . e , BRE is satisfied,
that the risks of UF are
acceptable, particularly since-

Installation are
also choked by surveiUance-
fee British Stan-
aanis Institntipn who make ran-
on-site appearances.

The BRE has also conducted

average sized home, and
virtual safety from fire.' How-
ever, its greatest disadvantage,
aside from fee risk of fumes,
was its tendency to. crack dur-
ing fee drying process. -
Dr Everett pointed out that
most outer walls allowed a con-
siderable amount of water into
fee cavity, . which normally
drained' away, harmlessly. But
fee fissures in UF foam occa-
sionally created a channel for
feds water to pass on to fee
timer waH, creating damp.

Tfce second most ^ridefly used
fiBer in fee UK is rode fibre,
although fee number of instal-

Utions is much lower than for MJfSrS,J5jL2“ d J rabl I J Jy j of
UF foam, and fee price bf in- "SK?™* conc!udes -

staflation depends to a greater SS 1 E tlLS a Il na3s CUJ ™ t 6 r ^
degree 'pa location, because of- Sf hS 1 h* ^P^cted to last
the volume of fee fibre' and con- of ■ l fae building

sequent transport costs. The sjgmficant deterioration,

cost for an average house -is put * a6011t . -PtrasiWe -' frost

— - w damage to outer walls as a

result, of higher moisture coii--
ESL-® 6 also discounted by the-
BRE. although where material
is already damaged insulation of.
a wall can; be expected’ ‘fo in-

at £200 to £300.

Polyurethane granules ‘ ’ are
another option, and this method
is used more widely’ in the
north, of England.- • This
material, however, has the dis-

advantage hiring combustible crease deteriotatiojL.

and giving off fene giues whpn. . • Lome Barling

r.

( ’
I

til

i 1 f

f

; i

1

■r?-

swncial Times Wednesday June 30 1982

building methods and management m

Ofc

millk;

keep
d out

Colin Ameiy reports that' old-established management methods are under threat

Clients adopt a fluid approach

ONE, OF the effects of the
recession is the .development of
new approaches ' to the super-
vision and construction of build-
ing: projects. Competition is in
the jut and old-established pro-
fessional ways ara having to
make way for more effective
and ■ commercial approaches to
secure contracts and put them
into, effect ■■

It -is iraDOrtant Tn nnint fflit

from the beginning that there
is -a new climate -in the build-
ing, industry. One of the most
important- changes is the
removal of the formerly rather
rigid divisions and demarcations
that existed among the various
branches. The old hierarchy
which characterised the design
team-^-with the architect at the
top and the. main . and sub-
contractors next in line — is
almost a thing of the past.
Clients with large or small build-
ing commissions on offer have
adopted a more fluid approach.
This reflects the new complexi-
ties of the building process.

Today it is impossible to
adopt one form of management
for a.. major building project.
All building projects are sub-
ject to a. wide variety of prob-
lems. From the very first stages
of design clients have to be
aware of- the pitfalls of over-
expenditure and the delays on
the. building programme that
can be caused by labour dis-
putes, shortages' of materials
and even the weather.

There are concealed difficul-
ties in . even the most straight-
forward design — functional
faults ' do not always reveal
themselves at the drawing board
stage. .All building operations
from completely new buildings
to renovations and maintenance
contracts demand the services,
of professionals who understand
their client's business per-
formance and the prevailing
economic climate.

' WJuleit, is probably a truism
to' say that all building opera-

tions demand an individual
approach there is always* need
for good judgment and techni-
.cal hnowedge ' at a very Egh
level. The failure of several
building systems and prefabri-
cation processes in the' recent
past has caused a major rethink
of the initial selection and
management processes.

Within the bunding industry

contractors and a wide range of
suppliers. All these elements of
the building process bring with
them a heavy army of skilled
marketing men and trained
negotiators ready and eager to
convince clients that their
approach is the best one.

Package deal

This can often be confus ing ,
since each of these consultants
looks at each project through a
narrow focus. The building con-
tractor sees a project as a test
of his practical ingenuity while
the. architect may let considera-
tions of design and aesthetics
override all other matters. To
resolve some of these complexi-
ties of the construction process
a new interlinked series of pro-
fessional skills are needed.
D es ign -and-b uild, fee ! systems
and project management are
some of the newer approaches.

It is the package deal that
many clients turn to if they
are looking for speed in build-
ing. This special combination
of a mixture of professional
skills has within it the draw-
back that the client can lose
sight of the advantages of the
independent advice of 'one of
the professions; for example,
the particular trained design
skills of an architect may get
lost because he loses the inde-
pendent relationship with his
own client

The traditional method by
which most buildings are
erected is by the appointment of
an architect quantity surveyor,
and other consultants who

SOURCES OF INFORMATION

Agrement Board
Organisations

P.O. Box 195, Bucknalls Lane,
Garston, Watford WD2 7JR.
0927-3 70844.

Aluminium Federation
Broadway House, 60, Calthorpe
Road. Five Ways, . Birmingham
B15 ITN.

021-455 0311.

Brick Development Association
Woodside House, Winkfield,
Windsor, SL4 2DX.

03447 5651.

British Constructional Steelwork
Association

9286, Vauxhall Bridge Road,
London SW1 V2RL.

01-834 1713.

British Plastics Federation
5, Beigrave Square, London SW1

SPR

01-235 9483.

British 'Standards Institution
2. Park Street London W1A 2BS.
01-629 9000.

British Woodworking Federation.
82, New Cavendish Street Lon-
don W1M 8AD.

01-580 5588.

The Building Centre

26, Store Street London WC1E

7BT; .'

01-637 836L

Building Cost Information Ser-
vice. ••

85-87, Clarence Street -Kingston*
npon-Thames, Surrey, KT1 1RB.
01-546 7554.

Building Services Research and
Information Association (RSRIA)
(formerly Heating and Ventilat-
ing Research Association) Old
Bracknell Lane, West Bracknell,.
RG12 4AH.

BrackneU (0344) 25071.

Building Research Establishment
Garston, Watford, Herts. .

09273 74040;

Cement and Concrete Association
Advisory Division.

Wexham - Springs, Slough SL3
6FL.

Fulmer 2727.

Chartered Institute of Building
Englemeje, Kings Ride, Ascot
Berks, SL58BJ. -
Ascot (0990) 23355. ... *

Marketing success

CONTINUED FROM PAGE ONE

emerge for the contract price
to be adjusted and, possibly,
the completion date amended.
As a result the tender price
is regarded by the contractor
as- a starting price which is
liable to continual review at
every opportunity. ■

■ But while critics of. the com-
petitive "tendering system claim
it is wasteful and certainly not
in: the best interests, of the.
client,- ■ tradition counts, for a
great deal in construction and
many clients remain .co nvince d
that the best way of getting'
value for money is via the open
tendering i>rocessl *’ '

As for those areas ;of con-.
Etruction which represent the
greatest medium-term potential,
the industry’s recent- efforts in
tiie housebuilding . sector
warrant ‘some praise. The houss--

builders- have hot always , shown -
a "dear, understanding; of pre-
vailing market'' "conditions or of
tfie preferences" tff t potential
customers but . this" time' their
performance lias been credit-

able. -•

The contractors have picked
their markets carefully,, build-
ing at a price and in a style
designed to match prevailing
demand. As a result, they have
generally managed tor sustain ;
reasonable profit margins on a ,
historically low level , of sales.

Good marketing has been an
essential ingredient in the
private' housing sector’s recent
success and, whilst other areas'
of construction, might not lend
themselves - so easily to . the
same sort of promotion, there
is clearly' scope , for applying,
the' same ..principles in other
directions. • , •

In : terms of- - outside help,-
whaL the -Industry would- really
like to ' see is -a substantial
injection of public sector cash
directly into its; marketplace,. It
is only too wen aware, - how-
ever, , that.- the- political' party.,
most likely- to-; consider such
an approach has other* .'less
palatable, : ^designs' qpon ihe
construction sector.

develop a design before tenders
are invited.

Under this system contracts
are usually placed with the finn
offering the lowest tender. This
tendering and designing pro-
cess is often a long one. Tfte
new’ and now much used system
of nranageanent contracting 1 pro-
vides a service which allows a
cbTeni. to retain his . indepen-

r-Tti err-

time gain - the advantage of an
early start on site and a speed-
ier completion of the job.

A management contractor is
selected at an early stage in
the design process and then
appointed to manage the con-
struction of a project. The
.choice is made on the strength
of - tiie firm’s management ex-
pertise.

Project managers are speci-
fically debarred from undertak-
ing any construction work. Fees
are paid to allow for off-site
overheads and. a fair profit; ex-
penses for site supervision are
reimbursed. From the earliest
provision of temporary works
and site facilities all aspects
of a. large project are divided
up into a series of separate
“parcels" which 'are handled
by a series of sub-contractors,
selected by competitive tender
and working under contract to
the management contractor.

This form of management
allows for an early start to be

made on site. Foundation work
and piling can begin even
while the design is in a fairly
formative stage. A detailed
master programme, often pre-
pared by computer, sets the
framework for the addition of
a variety of different stages to
be added to the project as it
advances. This method, allow-
ing for early : starts on site.

can save j-s or j.o monies on

the total programme.

There are clear advantages
for developers. Completion
dates can be advanced, buildings.'
are ready for use at an earlier
date and the advice of the man-
agement contractor can ensure
that costs are saved on mater-
ials and a shorter design period.

In a recent case of a public
project being undertaken by the
management contract' method —
the new civic offices for Chester
le Street — work was able to
start on site only seven months
after the ' completion of the
design brief. The design team
for this scheme was led by
architects Faulkner-Brown
Hendy WatMnson Stonor and
the management of the contract
provided by Wimpey Construc-
tion UK The building, which
cost £4m, was completed two
months ahead of schedule and
£100,000 within the budget

It is no ordinary town halL It
is designed as pari of a pedes-
trian route through the town

with a glazed arcade for pedes-
trians who can approach the
council’s inquiry desks for the
separate departments as they
walk through. It Is a built ver-
sion of “open” government
Design-and-build is the other
method to be employed in cases
when the old-fashioned fee
system is less- used. To counter-
act some of the bad performance

cost, time and quality control —
design-and-build offers simple
choices.

Under the control of an archi-
tect a small job is handled with
short lines of communication,
and "with a small work team
allowing for good human rela-
tions. This work team is directly
under the control of a full-time
on-site designer whose job is to
ensure that good clear drawings
and documents are readily avail-
able and easily understood by
all members of the building
team. It is particularly impor-
tant that the designer and the
builders understand the rela-
tionship between the details on
the drawings and the labour
time involved. There Is always
direct use of efficient trade con-
tractors with no middlemen
main contractors. Combined
with the intelligent use of direct
labour this gives the designer
total responsibility for all his
decisions. The system leaves
fewer opportunities for breaks

• , v .‘ .v

& wiim-

ESV - - *

n:'t-

pi

1%

i;T,

r - w win

ft '' im.l l ITIW'IIM" IIT."r T ' V -.- •

New banfe buildings in Cannon Street, London, fitted out under a £lm management
fee contract- by John Lelliott for Midland Banfe. The company, which specialises
in refurbishment work, has also recently completed a £3m management fee
coritract at St Magnus House, Lower Thames Street, London

in communication and usually
ensures a good relationship
between the designer and the
client

While many large companies
and public bodies have their
own in-house design teams, the

choice for most building pro-
jects lies between the use of a
project management method
and the traditional way of using
a variety of consultants and a
building contractor. The client
must always have the last word

but the newly developing links
between all the building pro-
fessions gives him a choice that
is realistically based on both
design skills and economically
efficient management contract-
ing.

Chartered Institution of Building
Services (CIBS)"

Delta House, 222, Balham High
Street, London SW12 9BS.

01-675 521L

Construction Industry Research
and Information " Association
(CURIA)

6. Storey Gate, London*

3AU.

01-222 8891. • • *’ • " '•

Institution of Civil Engineers
1-7, Great George Street, West-
minster. London SW1P 3AA.
01-222 7722.

Institute of Housing
12, Upper Beigrave Street, Lon-
don SW1X 8BA.

01-245 9933.

Institution of Structural Engin-
eers.

11, Upper Beigrave- Street, Lon-
don SW1X 8BH.

01-235 4535.

National Building Agency
NBA House, 7, Arundel Street,
London WC2R SDZ.

01-836 4488.

National Federation of Building
Trades Employers
82, New Cavendish Street, Lon-
don W1M 8 AD. - .•

01-580 558R .

National Home Building Connell
Chiltem Avenue, Amersbam,
Bucks, HP5 6AP.

Axnersham (02403 ) 4477.

National Physical Laboratory
Queens Road, Teddington, Middx,
TW11 0LW.

01-977 3222.

Royal Institute of British Archi-
tects

66, Portland Place, London WIN
4AD.

01-580 5533.

Royal Institution of Chartered
Surveyors

12, Great George Street, London
SW1P 3 AD.

01-222 7000.

Timber Research and Develop-
ment Association
Stocking Lane, Hugh en den Val-
ley. High Wycombe, Bucks, HP14
4ND. -

Naphill (024 024) 3091. ■

Warren Spring Laboratory
P.O. Box 20, Gunnels' Wood Road,
Stevenage SGI 2BX.

Stevenage (0438) 3388.

Y)u see here how the homeless of
one country deal with, their hopeless
situation.

Such a solution in this country
wouldnot be tolerated.

As a result; Bri tain’s ho using

problemis nowhere near as viable.

But let no one doubt that it does
exist

ThousandsofpeopleBveinplaces
where condensation streams on the
walls.

Places where the todet is out the
bade And abathis out Of the question
. Places thataresimplyfalh'Tigtobits.

Wfe atBritish Gypsum are,
however; doing something to help.

Manyofour resources aredevoted
to developing new building systems
that costless in teal terms.

Already we have a plasterboard
thatpei&rmsasweUasother materials
existing three times as much.

"V^fehave boards that resist firebut
cost less than those that don’t

And lightweight partitions that
savemoney because they goup inhalf
the time of traditional walls, and save
evenmoie because they needless
structural support

’\)(i i henitcomes to renovatingtild
homes, we’ve been no less industrious.

Foritisherethatmanybelievethe
answer to oiir housing pteblemlies.

. We have products that can help

t j; •> v ; v ' - — . • •

r-'. ... ....

■■m

zm

„ i-.- ww .: : .

%&*[***£** & itm*

-A-,' •'*; •; , v v. *>1 - ■■■ *.•^^'¥•-*■•.•7^1

- : -Mi*** ■ ■■■■■■

keep damp out; some that can reduce
condensation and others that ran cut .
heatingcostsby overathird

. Apd ,we will go on researching
w^ofcuttihg.costs without cutting

housing problem.

As a country our record ofpro-
viding sufficient good homes can be
a source of little pride.

As a company we like to think
theoppositeistrue.British Gypsum.

tmgmbercftheBPB Industrie Groi^i.

IV

Financial Times Wednesday June 30 19S2

/= Wiggins & G E E=\

Two heads are better than one...

BUILDING METHODS AND MANAGEMENT IV

Recession has taken its toll on the building industry’s supplies sector and managers have had to take some tongh decisions to survive;
There is, however, cautious optimism that business will improve next year. Companies are ready and eager to deal with any opium

PAri/'f/afp clntrm nrnmntc Brick* SCCtOI - f63dy fdF •

A! Wigs ins. v/e believe 1 hat the key to lasting success is
cc-opera’ian. Noi > list in teamwork on site, bur in every lechnca!
and managengi tield es wen. If results are anything to go 6* it'sa

philosophy that certainty pays off.

Bringing ;fte same idea up to fioarcfroom level. the Wiggins
Construction D'wan has recently completed a merger with Gee
Walker ■& Slaler Ltd., giving maior new impetus to our building
capacity on a national scale. GEE has brought its own enormous
expertise and experience to the Group. enabDng us to undertake
larger and more specialised contracts in the building and
construcfion industries as wefl as additional management and
development projects.

Per more information on the Wiggins Group's wide
range pf services, contact Peter Robarts-AmoJd at 01 868 4433.

HeUspeO ontjusthom woeanco-oporqte urithyou.

Concrete slump prompts
spate of takeovers

Tie X6L2 per cent fall in ready* business. Its owe quarry pro-
mised concrete production ducts division showed a record

dnr*» the mid 1970s has £25. 5m profit over £24 -2m in

prompted a spate of take o vers 1980 and this year should see

as companies look for ways of further progress,
broadening their activities “
and gaining greater control Successful
over aggregates supplies. Four

such deals have takenplaee in ^iimp hit Amey Roadstone

Wail House. 25! Field End Hoad.
SasEtfa Ftrsiic. Middlesex. HA4SLX

Tel. o; ES4433

Wiggins

Group

the last seven months. They
have brought about a sharp
re-orientation in market
shares.

Tarmac shot to number three to
the rmc league and became
the UK’s laigest aggregates
supplier after the £40m pur-
chase last year of the Hover-
ingham Group sand and gravel

Corporation’s profits last year
but in April the company en-
hanced its position as the
largest UK producer of con-
struction materials with the
£37,6m cash purchase of Blue
Circle Aggregates. This was
part of parent company Con-
solidated Gold Fields’ policy
of strengthening UK natural

Yon can have it
on very good authority that

McINERNEY are budding
very good homes

' I,,''?** .?

*■ ri‘ ■ "Nii \T J -A • iW

Pi, r-

•2

>*• s ’*£

HeruiKcrc Borough Council. 68 homes Borchamzcmd.

Tonbridge & Mailing District Council 39 houses Tonbridge.

London Borough of Brontlcx 23 houses and flats.

Which Authority do you want?

Authorities _

Here are some more of the authorities who have warm to live in. Ve

recently pur their trust in McINERNEY : outlay. Impo rtant!

Brook Street Housing Association ^Canterbury City st a n da r ds at lowest

CounciloChichester Distria Council •London Service

Borough of BromleyLondon Borough of Croydon# AIcZNERNEY ser

London Borough of Merton »London Borough of commercial organi

NewfaanoMoIe Valiey District Council* private enterprise.

Peterborough Development CorpoiauonoPlymouth ^ ^

City Counc2«South Bucks Distiict Council* We can offer a full'

Tonbridge & Mailing District CouncitoVaie of White ^ j

Horse District Council •Waverley Distria Council. standards. Ask abo

Mclnerney authority—

McINERNEY baild homes for people to five with,
economical to buy and maintain, comfortable and

Mclnerney Homes Ltd., Mclnerney House, The Green, Croxky Green,
Rickmans worth, Herts WD3 3HN. Td: Ricfananswnrth 76632

warm io live in. Very good homes for very reasonable
outlay. Important these days, to achieve these
st a nd a r ds at lowest possible cost.

Service

McINERNEY service is offered to Local Authorities,
commercial organizations, housing associations,
private enterprise. We are capable of any size project
in the UK.

We can offer a folly comprehensive service— design
and build, timber frame and traditional all to NKBC
standards. Ask about McINERNEY building with
authority—

SI McINERNEY baild homes tor people to live with, W jf ▼ _ mm

|| economical to buy and maicain, comfortable and /\/l 1 ||

|| Mclnerney Homes Ltd-, Mclnerney House, The Green, Croxky Green, UmILK— orwOeT || .

|| Rickmansworth, Herts WD3 3HX. Tel: Rickmanswurth 76632 DUllGinglOr pCOpie fig

Lb-b-bsbssbs^ss^

“7AVAT S

'g&S Thurrock Park Mansaer-ent Company - 252 dwellings - starting shortly.
yr Greater London Council - Thamesmead - 154 dwellings.

Reigate and Eanstead Borough Council - Preston Lane - 38 dwellings.

Surrey Heath Borough Council - Lightwater - 3S dwellings.

Brook Street Housing Association - Harefield - 44 dwellings-

Crystal Palace Housing Association - Hackbridqe - 12 dwellings. • ,

Y. ■■ ■ ■ -

Apart from exceptional cost economy high speed
constmction,supreme accuracy and outstanding
flexibility there is nothing unusual about T6.

igpiaai’i

JSa«MW

UfjUH

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Metropolian Borough c; Cakierdaie-

New Civic Offices. Halifax. Archftedsr Borough Architect's Dept

T6 Frame & Padcfeg by Trent Contractors: Mowam Northern ua.

; Office Development. Ofpirgfcn.
I T 6 Frame & Mandrel
Cladding by Trent.

Ardvteds- WBL .’enims 2 Associate..
Contractor: S Oiinneii & Sons Ltd

beams.This achieves accuracy and speec 3 f
constructor) normally anypesstte ,v s-sel frames.

On the face of it. a structure based on a normal in situ beams.This achieves accura

concrete frame looks very muon hke one based on tre T6 constructor) normally cr.iy pi
method . Ever, wren locking more closely ai some technical Fordfelai | s 0 * this unique method write to:
aspects, mere is not a lot to choose between them ;n terms Trent Concrete Structures Limited,
of design flexibility, materials cost and, say. fire rating. But Precast Concrete Engineers. CoJwick. Nottingham NG4 2BG.

when it comes to speed and accuracy of construction, the Telephone: 0602 879747 {20 lines). Telex: 377825 Trecon G
quality and range of finishes achievable and efficiency on 1 ■

site. T6 really proves its superionty. ■ mWoSi |1K Kt| IfOnt

Because, unlike in s;tu concrete frames and. for that ■SgjS I Vr Bn#V 1 1.V^i III '

matte' 1 , conventional p'e-cast concrete frames, T6 uses a ' ■||]| tl» fVw'rttte Pnninfiore :

unique component, the T6 Connector, which provides a . 1 1 K wwcic Gt lya leero

positive Steel-tO- steel connection between columns and ■ Airamber of the Dcbscn Pans induces Group

v — ; t:

resource investments. It also
led to ARC Marine acquiring
Westminster Gravels from
Royal Bosk&Es Westminster

of Holland.

Badland’s failure to boy Hover-
yngham last year led it to a.
successful £l39m bid for fee
diverse operations of Cawpods
Holdings. The deal adds
since to Redland’s rmc and
assregates business as most of
Cawood’s £322m turnover

, cooes from fuel distribution.

' Even so, sand and gravel, rmc,
builders' supplies, road mater-
ials and concrete products
provided £51m of Ca woods’
turnover and contributed
a boat SO per cent af its £13. 5m
grotq> profits in 1980-81.

Behind tills flurry of activity,
however, rmc deliveries went
down to their lowest level for
15 years and market leader
Beady Mixed Concrete air-
prised no-one when it showed
£23.4m profits on its UK trad-
ing against £27.9m in 1980.
Despite the squeeze on
volumes, fee company held its
market share and showed a
modest upturn in margins on
slightly higher sales in the
second half.

There are indications that this
year could be the beginning
of the end of the recession
and companies hope to see
beneficial effects in the
second half from fee budget
and lower interest rates.
According to some fore-
casters, if an goes well Ready
Mixed Concrete could see
profits on its UK concrete and
aggregates business climb to
a total £21.7m from last
year's £19.1m.

As the recession has in some
cases reduced capacity so it
has discouraged investment
m new plant The coated
materials companies have

The UK brick industry is
dominated by five main sup-
pliers. The giant London
Bride, controls around half of
the market, with the others
accounting for almost 40 pec
cent more. Hanson Trust-
owned Bntteriey BirfMing
Materials and Xbstocfc Johnses
expect to notch up around 12
per cent each, in 1982, with
Steettey accounting, tor a fur-
ther &5 per cent, aided by its
acquisition of G. H..Dowidng
last year. RedZand trails at
five per cent; even after tins
summer’s purchase of the
Stourbridge Brick Company
for £4Jm>

The companies tend to
specialise in particular areas
of the market For example,
Steedey leads In production
of special quality facing and
engineering brides, used in
harsh weather Maffitbus or
wherever durability is essen-
tial.

Market shares have also
been affected by fee recent
swing to facing bricks,: as op-
posed to load-bearing com-
mon brides, a result of the
i ncr easing use of timber-
frame techniques in honse-
bunding. Hi feenend it is the
companies which still produce
a high proportion of common
bricks which have •’ been
forced into the most stringent
rationalisation.

London Bride, for instance,
although it ' makes
around two thirds facing is
stffl the largest m a ga togm rer
of commons. It laid off around
2,100 people during 1981 mid
fee start of 1382, represent-
ing 25 per cent of it* work-

force directly engaged in
brick malting. The .company
also 'dosed its Ridgmont plant
in Bedfordshire, an expensive
move which caused nearly
L000 redundancies but en-
abled, its rnnafagtng plants to
revert to full-time working.

Chairman Jeremy Rowe has
recently noteC however, an
underlying impr ove m ent in
demand. The. company is oh
the point of ‘ announcing' a
major reorganisation, to

create a new building

iwvrhrfaTfi company which as
well as sdling bricks through
Its usual distribution network "
will Increase JLB’s penetra-
tion teito other areas of the
materials market. It also

plans to rebuild KdgmenL

Competitors

■ London Bride does haye one

ace in fee hole; it produces
entirely fletton,- bricks from
day mined locally which
needs' far less energy to bake
titan normal.

Of its competitors. Btstodc
Jobnsen, the sfrcalled “BoDs- .
Boyce of . UK brick makers’*
which "w’Hfift t B W* exclus-
ively high quality facing
bricks, has recently reported
dbmai. results., ft diversified
oversees- In the. 1970s, with a
lack of success which is high-
lighted by the £lm loss made
in the in fee first part
of 198L Con ti ne nt al opera-
tions have not gone well
either and. a Joss-making plant
in Belgium was add at fee
end of 198k

The UK side has shown
considerable resilience,
bdped by the feet feat It re-

lies an the volatile boosing
sector for only 50 per cent of
its sales, against at industry
average of more than 75 per
cent Despite fee mothballing
of one of its 31 plates it still
saw a one per emit Increase
hi dispatches in 1981 against
a fall at four per cent In the
facing market generaHy-

Derby-based ' Bulteriey is
fee largest UK exporter of
facing bricks and has bad a
good spell to the post couple
of yean. The Hanson Trust
has contiimed to Invest In
modern brick mating plant,
as well as keeping an eye
open for possible acquisitions
—it allowed its own offer for
Downing - to lapee' once
Steetiey entered the fray.

Prospects far fee Industry
ere good—in fed, some an-
alysts have suggested there
nay be a . brick shortage If
fee projected housing boom
gets under way. Deliveries
tor fee past two years have
been poor — they started to
toll to 1979 and readied a low
of 3.6bn last year. But a
figure of 3.8bn is expected far
1982 despite the difficult
winter, and the Building and
Civil Engineering Economic
Development Committee was
recently optimistic^ enough to
revise - upwards Its fore-
casts for total housing starts '
feta year, up from lfi&OOO to '
170,000. Most closed plant in
fee brick making Industry has
been mothballed rather than
broken up and fee Industry Is'
in good shape to cope wife
any take-off in the bousing
market.

. Martin Waller

UK market may ne ver be the same agaln .

Cement consumers look' overseas

fallen behind their U.S. . • . .

counterparts which are mring IN SOME respects the recession

labour-efficient drum mixers
in road maintenance wpric.
ARC. on the ofeer hand,. is
spending £3 .5m on introduc-
ing fluidised bed combustion
furnaces at its blacktop
plants as part of an energy-
con stious switch from oil-
fuelled heat to coal.

IN SOME respects the recession 2d per ; cadi' ismrease ■48^ ; ^ftcent to mure than 17

has been like an invigorating bflki : .!A >;•...•;*[ ptt - Crat-^iBlne Cirde, whos^

odd shower for the cement Wbfle.these improvements to.^ etutbmeij indude' a high pro-
industry. Sales in the UK have capacity and costs pu£ the com- portion of tog site buyers; lost
dropped a massive 35 per cent p any, in a good position to take 5 per emit of fee market
since fee early 1970s and com- advantage of the upturn in con- It- remains to be «wn how

46^ pci^cent to mure fean 17 -
: pjHr diest.- n :Bhie Qide; whote .'
customer? indude a tosh pro- ;

Merger

since fee early 1970s and com- Advantage of the upturn in con- It - hernia

pa ni e s have reacted by cutting struction when it comes, the Rugbywffl cope wife fee inevit-
production costs, diversifying recession is throwing more ' able backlash from Bine Circle
their profits base and looking' .emphasis' on,.- packed.- , cement . and, more importantly. Rip
for new investment opportuni- than ,m bulk as -fee proportion Tinto-Zinc whufe . acquired
ties overseas. of repair and mHintenance-fWork nearly 20 p«- cent of fee mar-

Rugby Portland Cemeatr fee- to new^building increasos. iet Earlier this year wife fee

° second largest in fee market Biufoy is catering for tills purchase of Thos W. Ward and

le restructuring within fee after Blue Circle, has adapted in demand by improving Tunnel Holdings. BTZ has

sector gave rise last month better fean most to fee slump ^ standards of service and dis- . started in earnest to integrate

The restructuring within fee after Blue Cirde. has adapted shift m demand by improving

rcMvii* mm ttCA Idct Trwwitn kAttAv tn nw wuw l t<s +ha fllnmu w _ _ - r -w "

to a new trade association, to domestic demand; R scwg tribi^on wife fee intrpductton
the British Aggregate Con- a record £143m profit m its tJK of automatic loading andprileti-

struction Materials Industries
(5ACMI), . -through fee
merger of fee Asphalt and
Coated Macadam Association
and the British Quarrying
and Slag Federation. Its
initial membership— Tarmac,
ABC. Rediand. Pioneer Hold-
ings,' Tilcon and English

cement trading last year over
£13.4m in 1980— largely as a
result of its "leaner and fitter”
approach. It took away some of
the market from Blue Cirde.
whose 17 per cent fall in UK
cement profits was offset by a
boost in its overseas operations.

When Lord Boyd-Carpenter

China Clays — reflected the became Rugby's chairman in
way in which fee interests of 1976, annual ^deliveries in fee
hitherto disparate companies UK were, at 15.5m tonnes, nto-
had combined. ning uncomfortably below the

BACMI now has 36 members average 17.7m tonnes of the
and claims already to repre- previous five years. Almost

sent 60 per cent of fee
sector’s estimated £2bn turn-
over. As soon as it secures
fee affiliation of Ready Mixed
Concrete its membership is
likely to climb quickly to
more fean 100. giving it fee
authority it needs to confront
the Government on the key
issues of roads, housing and
mner cities. In the words of
Mr Robert Phtllipsou, Direc-
tor-General: “This part of the
private sector has suffered
enough.”

ning uncomfortably below the
average 17.7m tonnes of the
previous five years. Almost
immediately fee company began fjS 8
looking ways of reducing

production costs snd bringing SStan^i^ra^^

ibi^on wife the introduction its, cement activities and last
! automatic -loading and palleti- y®®T cement played an import-
sing facilities- Next month it “ Tunnel’s 48 per cent

turns its Lewd. East Sussex, hse in pre-tax group profits,
works into a depot wife the loss , Bide Cirde has also updated
of 50 jobs and a further 46 jobs its plants and diversified wife
will be shed at the. sane tune the acquisition of sanitaryware
wife fee closure of fee idlnn at manufacturer Armitage Shanks
its Warwickshire base. . . and subsequent involvements to

\ ‘ • • the U.S. Its J7503m turnover

SihoIa iUs mi -• • ? • < dwarfs Rngby*s £144m and over-

.OiflglB psaiyi . ^ interests took pre-tax

Contraction is nrt fed whde’ ^^ 32
wy, however, and to Jammy

st year fee company made.lts ^

st venture into fee United to nM * 0 520001 m

ates with fee purchase, of one _ ______ ^

ird of the .capital of US.

sneaL Tie $5Tm ■ ffigJn) - healt3i y .balance sheets,

ial brought with it Alary “ * ■ ^S 1 ^*J eeIin S
srcnles Cement whSfe»^. madtet in fee UKmay ’new

iffip nls'nt onftraflon ”fn ' TfcKt he fee same again. _The 24 per

Sifigle plaut

Rue with falling . ******* feeUKmaynever

de r£s 1 fim target was fee hefty fSdum

40 per cent slice of mamtfac&m- - -S£S5 feW diwstiSng

tog coste attributed to eqerg Protest from fee concretepnS

ronKumution. RKneciaHv tbrnu vh nest year.

tog costs attributed to eqergy
consumption, especially through
the traditional use of coal-
fuelled beat to dry the slurry

during the production process, mid-1980 helped to keep Rugby’s
The company invested £25m in profit margins steady at just
turning -over its Rochester under £7 per tome and its

-forenextyemT^ T protest from fee concrete pro-
• . . , ' duct manufacturers and many

The c ommt s siqnfn g : or the are looking seriously at the
new-loc* Rochester works to prospects off- importing supplies
id-1980 helped to keep Rugby’s & 0 mEurupeThe effect of
ofit m a r g ins steady at just foreign competition on- fee

Rochester under £7 per tome and its cement industry’s own doorstep

rochATtcp fHa ovbl mF 1 e . ■ ■ % i i .

works to the new "semi-wet” response to the demand ^ - is as yet incalculable,
process and the plant has now bagged cement accounts. ^or fee

n onflI1 TTnnn- procebij dna tne pum nas uuw cement accoimus. J tw uic

lAOger nog an doubled its capacity on a mere increase in market sha!re fnnn:

R. H.

Timber importers move info softwoods

THE MOST important develop-
ment in fee timber market in
recent months has been fee pro-
posed defensive merger between
the UK’s two largest indepen-
dent timber importers, Mon-
tague L. Meyer and
International Timber. The
merger, still awaiting a decision
from fee Office of Fair Trading
on a referral to the Monopolies
and Mergers Commission, would
create a new group control-
ling around 15 per cent of the
UK imported softwood market

come at a worse time -for them,
coinciding wife a drop to sales
caused by fee recesskm. Soft-
wood consumption in the UK
fell from just under 7m. cubic

Host rationalisation withto
fee industry has - come .less,
through company collapses than

factories. . . .

Further mergers are perhaps
unlikely — it has even been rag-

by contraction »nd closure of seated the Meyer-IT deal, as
depots. IT has cut its work- well as. favouring Meyer, may

fell from just under 7m. cubic depots. IT has cut its work- well as favouring Meyer, may
metres in 3979 to slightly more -force by per 'cent over two not adaially have' fee required
than 5-5m in 1981. years, as Well as.. selling: reduu- restorative effect But a large

The industry has' reacted by dent property. Its mannfactnr- raw materials conglomerate
trying to diversify its opera- big. division, was forced to may wen step in and take oyer
turns as well as by fee familiar switch to a four-day week for one of fee importers, modi as

than 5fim in 1981.

The industry has' reacted by
trying to diversify its opera-
turns as well as by fee familiar
stringent rationalisation pro-
grammes. The pure timber im-
porter. above a certain me. has
long been extinct; companies
have always, tried to expand

part of 1983T '’Meyer ‘made a Brooke Bond Liebig grabbed
similar cut to -employees ..mid MalHnsortDenny at the start of

doeed_its.GEodby ’. WtodteM&cv ,JJB6L ..

tory at Gloucester along with

three of its eight UK packaging - JYL W,

The deal has been born out vertically by adding to fee
of weakness on both side*, with value of their imports, whether

only International Timber
scraping up a small profit last
year. It highlights the extra
problems facing the extremely
fragmented timber industry in
the UK over and above those
caused by the recession.

Recent years have seen a
strong more away from the
traditional decorative hard-

by cutting and planing them or
by manufacturing something
out of them.

But the success story in this
field. Magnet and Southerns,
has been a spnr to the others.
The product of a merger to
lS75. ]t imports timber and
makes dams and windows,
retailing these direct through

Less waste

-woods among UK consumers and its network of more fei»i 200
into toe softwoods from North depots., It has shown a. steady

America, Russia and Scan-
dinavia. But during the 1970s

and enviable growth in turn-
over and pro fi ts ta toe pest, five

these overseas suppliers years, successfully bucking fee
realised the advantage of set- trend of the recession despite

1 ting up their own outlets in
5 *his country 3nd cutting out fee
British middleman. This kind

a slight hiccup in 196L
- The recent rise in pd
for timber-frame -

verticftl . integration has affords similar opportunities . to

meant that around 50 per cent

competitors, especially

rfSiredeuYtoftwopd imports to thta^teSTiSfh toTSSckS

fee UK now pass tbradgh a
Swedish dis tr ibutor.- as against
around S per oeat at the start
of fee 1870k

This has badly hit IT and

private housing boom in 1988!
and 3SS3: Meyer andr Inter-
national Timber, along with
John Carr {Doncaster}, which,
supplies Midland local aufeori-

Meyer. along .wife fee next two ties and private ! builders Tike
largest independents,. Hollis Barratt and Wimpey. have nude

largest independents. . Hollis
Bros and ESA and May -and
Hassell, and could hardly have

Barratt and Wimpey, have made
Inroads into tbta increasingly
important 'market

DesicmRBaadcm3ft«vt«upto5C%bfr»&-

coratruc&x^^

AwifetolO^ofrawaBpKiBCtcosLCoriBCt

-deto O axterftynto w In fonng ac x i.

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Financial Times Wednesday June 30 1982

BUILDING METHODS AND MANAGEMENT V

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Colin Ainery reports that changes cover all areas of working life

Architectural profession in turmoil

NO ONE can be. in any doubt
that all those who operate in
the building business are doing
so in a new professional clim-
ate. Certainly the archirectural
profession is in a turmoil of un-
precedented change. .

The changes cover all areas
of an architect's working life—
his fee scale is now . open to
tender, his Comfits ons of En-
gagement have been revised
and the Code of Prartce radic-
ally altered. .All these have
been brought about by the
growth and changes in allied
professions, -particularly the
surveying profession, which has
taken away from architects
many . of their traditional func-
tions.

The most important change
that directly affects the nature
of architectural practice is the
revised Code. Early last year
the ban was removed on prac-
tice in the form of limited
liability companies. It is now
possible for architects to make
direct approaches to potential
clients, although thev cannot

take out an advertisement in
newspapers or magazines. They
are also allowed to have a
direct interest In property de-
velopment companies, manufac-
turing and contracting busi-
nesses.

The Architects Registration
Council for the United King-
dom { ARCUK) now provides
“a common standard of con-
duct" for registered architects,
unlike the recently introduced
Architects’ Code of the Ameri-
can Institute of Architects, the
British code is not as volun-
tary and does plaee as much
emphasis on individual con-
science. It has taken nearly two
decades of discussion to relax
the Code which suggests a con-
siderable body of resistance.

Conditions

More wide-ranging in their
effects may be the new Condi-
tions of Engagement, which
offer both architect and client
a wider range of work methods

and project control. Mrs Sally
Oppenhrim’s decision on the
Monopolies Commission Report
has led to the disappearance of
the mandatory fee scale. Archi-
tects are fre> to lender compe-
titively against each other— the
results of this in terms of build-
ing quality are something to be
watched with concerned
interest.

It is worthwhile, in tiieligjrt
of aH tfiese changes, to look at
the nature of professional isra.
The origin of the code of prac-
tice lies in the nature of the ser-
vice provided by architects, sur-
veyors and engineers. The client
for -these services cannot sample
them before be buys them. It
is therefore essential that he
should, be able to call upon
advice that is independent,
disinterested and from an
ethical standpoint above
reproach. The professional by
these older arguments should
have no monetary interest in
tie sale of his services — beyond
a reasonable fee.

Has the nature’ of the "pro-

fessional " then changed? No
one would argue ihat a great
deal of professional standing
retied on a mystique that has
been dispersed. Changes in the
nature of society have meant
that the professional, whether
architect or lawyer, is no longer
a member of an isolated class.

There have been such consid-
erable 'changes in the nature of
the industry concerned witn
building that this has affected
the standing of the professional.
Builders are no longer a cloth
tap brigade with cigarettes
behind their ears. Instead they
have become managers who are
highly qualified at putting
together - sophisticated com-
ponents.

The profession has become
separated both by the rise of
the.blghty qualified “manager
builder" and by the prolifera-
tion of sub-contractors, manu-
facturers and suppliers, all of
whom by their skills control a
great deal of the building pro-
cess.

• The spread of regulations,
laws and bureaucratic controls
has also weakened the profes-
sional's hand. Building regula-
tions. planning committees, ihe
Royal Floe Arts Commission,
public inquiries, standard con-
trols. safety regulations,
sanitary rules and a host of
other restrictions have reduced
professional influence and res-
ponsibility.

Changes in the nature of the
contractual side of the building
business means that negotia-
tions, package deals and man-
agement contracts have become
so complex that architects need
lawyers, arbitrators, account-
ants and even underwriters to
sort out their professional res-
ponsibilities.

Special breed

Plastic window frames made -from B1P Vinyls ■ Beetle TVC compound being fabricated. Plastic ■
could account for 25 per cent of the window frame tnarket in the UK by 19$5 with production
running at 2m assemblies and consuming 35,000 tonnes of PVC, according to one recent estimate.

'Hie decline of the architect
as a professional may in fact
so back to the establishment
in the last century of the Royal
Institute of British Architects;
this created architects as a
special breed concerned with
style and taste. This in its turn
led to the architects losing con-
trol of the surveyors and the
building industry.

In his professional isolation
it was possible for the architect
to leave the control of actual
building: to the .contracting in-
dustry. Experimentation in
structures was left to the

engineers and the all-important
control of costs to the surveyor.
This is open to argument.
Architectural education is in-
tended to produce a man with
technical, aesthetic and admin-
istrative skills but the increase
in specialisation has cut off
architects from the very
essence of building.

Architects will probably never
assume the automatic leadership
of the building professions that
they were once educated to
expect. Building has become
. too complex and at the same
time too commercialised for any
but the most brilliant architect
to make a large impact.

What is more likely in the
future is that the profession will
move in two separate directions.
A certain kind of architect will
move do bier to his clients,
serving individuals rather than
the corporations and committees
of industry and government. The
remainder, freed by the new
code, will move into speculative
work and development, using
their design skills to maintain
standards.

New technology, the influence
of computing techniques on
design and the vital growth of
enei^y conservation are all
influences that will - affect
the professional’s contribution
to the environment. Inter-
nationalism is also bound to
affect the way architects and
engineers apply .their profes-
sional standards bo the seeking
of work and their organisational
performance.

It is vital that the architects
and their colleagues in the
other building professions move
more closely together. All
trainees in the building profes-
sion should have practical
experience of actual building
techniques as well as shared
experience in the design process.

Recently one ’ architect des-
cribed himself in a sebizoprhenic
vein as a multi-disciplinary
entrepreneur and an over-
qualified navvy. The new pro-
fessional freedom certainly
makes it possible for architects
to choose their level. . They
would find it easier to retain
nieir clients' and the public's
confidence if they continued to
retain their professional ex-
pertise to ensure a disinterested
competence. In the years ahead
more competition should not
mean freedom to lower
standards of design.

The flying deck form system in operation

New aids cut
access problems

THE TONSTRUCTIOhnhdusiry
suffered severely last year witli
a drop in output of 12 per cent
m volume and a severe squeeze
on margins. The result has been
to concentrate the industry’s
attention both on new methods
of building aimed at saving time
and money, and on new aids to
simplify the construction
process.

One major problem on
modern sites for which solutions
have had to be sought is access
and here among ihe most
ingenious systems devised has
been the firing deck form
system. •

This was developed in the U.Sr
and is being used more widely
in the UK. The deck form is
used for laying the conorete and
the Acrow Form-Eze. one of the
deck forms on the market is
designed to handle beams in
conjunction with slabs without
difficulty.

The whole system does away
with Ihe need for scaffolding.

The '"concrete 'slab is "simply
flown iuto place.

Acrow Engineers, say a
roiuitnum four or live storey
building is needed to make the
system worthwhile. The system
is not only applicable for high
rise projects but .also for
repetitive lower level buildings.

Flying platforms were
regarded initially with some
suspicion in the UK, but that
initial scepticism appears to
have been overcome. There are
significant savings on labour —
ini port am because of the possi-
bility that the UK construction
industry could be faced with a
skill shortage- -when demand -
picks up again. A National
Economic Development Office
working parly paper recently
cast doubt ou’rhe ability of Hie
industry to cope with a sudden
take off in activity.

While the flying deck plat-
form is produced by several of
Acrow's rivals, the company
believes it has siolen a march

■ , -*»>*.

over them with the. rniroduetton
of a lightweight aluminium
formwork system. The system
called a Standard A Form
Panel is aimed at refurbishment
projects where space i n limited
and where the fact ihm one man
can carry the panel gives
greater flexibility to the way
the project is carried out

The Standard A Form panel
is 40 per cent lighter than
equivalent steel panels and Is
easily transported, handled and
stored on >ite.

The system is designed
particularly for projects where
space is liniied.

Platform

Another space saver is the
Anticlimber system. Work can
be carried out where the alterna-
tive would be to ereci a scaffold
around the building. The sheath
consists of a rack and pinion
driven climbing work platform.
A si eel lattice mast is fixed to
the building at 7.5 metre
intervals and a platform up to
16 metres long — with its own
electrically powered drive unit
— climbs up the mast at the rate
of nine metres a minute. A con-
tinuous platform around the
perimeier can be provided by
erecting similar units. Work can
be carried out at different levels
with rapid changes of level with
no inconvenience to the huIM-
ing’s occupants.

Various other product Inno-
vations have also appeared over
recent years. The concrete mak-
ers. for example, are pinning
great hopes on block pavers —
blocks the size of fieitons which
can be moulded into virtually
any shape and which have high
stress properties for bearing
weights. The window market is
another centre of product inno-
vation and the traditional soft-
wood frame has been challenged
by a wide range of materials
such as galvanised steel, plastics
and aluminium.

But while speed building
systems, new panels and on
site storage units have changed
the appearance of the building
site — and incidentally speeded
up work and boosted efficiency
— one of the most significant
aids, the computer, remains out
of sight.

Services, circulation, .energy
controls and schedules are
obvious applications for com-
puter analysis and there has
been an increasing tendency
for ^mailer companies such as
architects and subcontractors to
use them. The main advantage
is seen as help with tendering
work— a crucial area in the
recession and doubly so in a
recession where the building
sector provides one of the
highest rates of business failure.

Gareth Griffiths

The new fnrhos factory at Newport, is as innovative as the
advanced microchip technology which takes place there.

Its inside-out design has created a unique exposed steel frame .
building with the potential to be extended by 250% without disrupting
production. ■ •

But it is evidence of more than the practical creativity of Richard
Rogers, the architect It is also very real proof of what Laing
Management Contracting can achieve.-

An exceptionally demanding specification included a 3000 sq. m.
manufacturing area, where the air is 1 0 times cleaner than a hospital
operating theatre. Vet still the building was finished in just 14 months.

And, although many aspects of the design had never been built
before, and despite the fast construction time, the project was
completed within theoriginal cost target.

Today, more and more major companies and organisations are
turning to Laing Management Contracting to plan the timing,
purchasing, site supervision and co-ordination of every phase of
construction.

Our know-how doesn’t just solve problems, it stops problems
arising.

Our experience saves time. Here, together with the consultant
team we saved months by running construction and design work in
parallel.

And our massive purchasing power through the Laing Group,
together with an ability to produce a project in dearly defined
packages, can save very significant amounts of money indeed.

* V\fe now have 12 years of management contracting case histories
behind us. Talk to us about them and yooU find that, successful as
fnmos has been, itfs only one of many examples we could give you.

Laing Management Contracting Limited
80-88 Collingdon Street, Luton LU1 1 SY
Tefc Luton (0582) 425551. Telex: 826194.

Financial Times Wednesday June 30-1SS2

BUILDING METHODS AND MANAGEMENT VI

simoniuiLD

A MEMBER OF THE MULTI CONSTRUCTION .
AND ENGINEERING GROUP

National building and civil engineering
designers and contractors

Management contractors

Total project design and management

BBRV prestressing system for bridges,
tanks and cable stayed structures

For further information
Contact Mike Chapman at:

Simonbuifd Ltd.. Bird Hall Lane, Cheadle Heath,
Stockport SK3 ORY 061-428 0766. Ext. 224

The buyer of a new home needs to be able to sort out the competing
claims of timber and concrete Mock. Rhys David reports.

Row sparked after
arrival of newcomers

• 8foe£

- 1 Mheratoscf

^752 i c f y

Afoamfcwcf
Ffarie r faoaJ *****

r+-

LOOKING FOR A COMPLETE
“DESIGN AND BUILD” SERVICE
FROM ONE SOURCE?

Forget about dealing with dozens of different
budding trades and “ middle men Now you can
get all you need for your next building from one
source.

The Astron concept combines the best of both worlds:

the knowledge, experience and expertise of a local
construction company, with
the cost efficiency of one. of Europe’s most modern
computer-designed building systems. -

One-source responsibility. Like the idea?

Astron manufactures everything for your building —
portal frames, ’purlins, rails, dadding, insulation and
accessories — in one plant

Your local Astron builder/dealer provides the civil
works, building supply, erection and the complete
project infrastructure, giving you a total “design
and build ” service.

We’ll work with you and your architect, or consulting
engineers, to bring you the building you want . . .
at a price you can afford . . . without any compromise
in quality.

“Astron. Not just a building system. Just good sense.”

For more information
please contact:—

Commercial Hydraulics Ltd.,

^ Shuttleworth Road, '

A CTDf~M\. I Bedford, England.
f\ J\ IVolN Tel: 0234 50501

CRACKS HAVE been appear-
ing lately In the building indus-
try's facade following the
appearance at what are con-
sidered to have been rather un-
gentlemanly remarks by one
sector about the products of
another.

Alarmed by the rapid growth
of timber-frame housing ihe
manufacturers of the rival brick
and block products have hired
a public relations advisor,
launched a campaign for “tradi-
tional’* housing and in two
widely distributed publications
queried whether the new system
w.as as good as the claims made
for iL

Bluntly, the brick and block
people have been asking
whether timber frame is not
more susceptible to rot, fire
and insect attack, whether it is
likely to represent such a good
investment for houseowners
over the long term, and, indeed,
whether the adherents of timber
frames are making it as clear as
they might to potential buyers
the form of construction that
has been used.

For its rejoinder the timber
frame side has been to the Code
of Advertising Practice, citing
as objectionable and misleading
the literature put out by the
brick and block manufacturers’
Housebuilding Advisory Bureau.
In a draft ruling the code's
secretariat has come down on
the side of the timber frame
manufacturers but its findings
are being challenged by the
campaign and the argument is
clearly not over.

From only 8 per cent of the
market in 1974 timber frame
has risen to claim around 25
per cent of new housing starts
in the UK, which if not as large
a share as some advocates — at
one time forecasting a 50 per
cent share by 1982 — would have
liked, is still impressive. The
conversion of some of the big
groups— Wimpey and Barrett
among them — is also apparently
substantial, with both now
moving towards the use of
timber frameon the bulk of their
starts.

In Scotland where the bous-
ing market has tended to be in-
fluenced by practices in Scan-
dinavia— a long-established user
of timber-framing— the propor-
tion is much higher than in the
rest of the UK at more than 50
per cent of new starts.

Timber frame has achieved
this rapid penetration, partly,
the brick and block suppliers
are prepared to admit, because
of their own failings. “Tradi-
tional methods of house-build-
ing are so familiar they tend to
be taken for granted. Construc-
tion methods develop over the
years and become established
without any inquiry being made
into whether or not they could
be improved. Traditional house-
building has stagnated to drift
into a Cinderella position in the

Findus chose
Design & Build

The new Findus multi-million pound prepared foods factory at Longbenton, Newcastle, is a
Shepherd Building Service. Design & Build project.

This extremely advanced and highly complex plant covers V 4 million square feet and will be
completed within the 28 month building programme.

Design & Build from Shepherd Building Service provides:-

* Economies in lime & money * Single source responsibility * inclusive & fixed price

* Completion on time * Excellent quality control * Free preliminary estimates

If you would hke further information please contact A G Murcutt. Director & General Manager
Shepherd Budding Service. Frederick House, Fulford Road, York YOl 4 LA.

Telephone 5904. 32401. Telex 57781

0.==^ES AT CAPDl"- DA^nCiTC*,' GLOUCESTER GRANTHAM LONDON MftNCKSSTEt

•■•ORTH A PTC N RUGBY AMD fORK.

herd

building skill league, largely
passed over by . innovative
thought and development
effort” So says Paul Marsh, the
Housebuilding Advisory Bureau
■ information officer and himself
an architect.

The opportunities for a brand-
new product in a rather com-
placent market were spotted in
the mid to late 1970s by Cana-
dian producers of timber whose
main outlet, the U.S., was be-
ginning to contract as a result
of recession. The key advantage
they were able to offer to
builders was financial. Though
the material is no cheaper than
brick and block its use does
allow builders to complete
houses much more quickly. This
enables financing costs to be cut
drastically— a very important
selling-point at a time of
rapidly rising interest rates.

From concrete slab— the basic
starting point for the modem
house— to completion a timber
frame dwelling can be erected
in eight weeks, compared with
up to 20 weeks for a conven-
tional house. As soon as the
fra me has been put up the roof

4 From concrete slab to
completion a timber
frame dwelling can be

erected in eight weeks
compared with up to 20
weeks for a conven-
tional house 9

can - go - ra - and _ oncFlhe~HoIjie
is waterproof tradesmen can go
in to instal plumbing, electricity
and other services. All the
while the bricklayer can be add-
ing a largely cosmetic outer
coating of bricks. Crucially, all
these operations can be carried
out to fit in with the availability
of craftsmen. In a conventional
house the sequence of events is
altogether much more rigid.

“Shortages of skilled trades-
men such as bricklayers can
often be a problem on housing
sites. With timber frame, pre-
manufactured panels are sup-
plied to the builder on site and
can be erected with relatively
unskilled labour,” Mr Gavin
Sharpe, group marketing mana-:-
ger of Powell Duffryn Timber,
one of the leading suppliers of
timber frame systems, points
oat.

“ With timber frame the
builder can put up a show
house and invite prospective
purchasers to select the plot of
their liking. By the time they
have obtained their mortgage
and the paper work is sorted
out with the solicitor the house
will be ready.” one builder
using timber frame says.

Once inside, the new buyer
does not have to wait to
decorate. The interior is dry-
lined with plasterboard rather
than wet plaster— another
reason for the speed of con-
struction.

The main asset likely to be
impressed on the customer,
however, is the fuel bill savings
as a result of the insulation
properties of the sandwich of
materials used in timber frame
walls. This is well able to meet
the new insulation requirement
— a maximum U value for
domestic walls of 0.6 W/m 2
Deg. C. compares with the pre-
vious 3.0 j which became man-
datory zn Britain for new dwel-
lings from April 1 this year.

Yet for all these selling
qualities there appears recently
to have been a pause or at any
rate a slowing down in the
advance of timber frame. At
least one big group. Tarmac
( through its John MacLean and
Sons subsidiary ). has said it will
be sticking to traditional brick
and block in its new houses.

The group in conjunction
with the Timber Research
and Development Association
(TRAD A) was one of the first
to market timber frame bouses,
building several thousand for
local authorities. It now claims
there is market resistance to
me method in the middle and
upper price brackets. It also
claims to be able to build con-
ventional houses itself in 10
weeks and so compete head-on
with timber.

Other builders such as Bovis.
which this year will build about
5 per cent of its new houses in
timber frame, are keeping their
options open. The company says
that if it were to move strongly
into the starter market — homes
for first-time buyers— it would
use more timber. Use of the
materia! will grow but the
change may not be dramatic,
Mr Philip Warner, chief execu-
tive of Bovis Homes a aid
recently.

Among the most obvious dis-
advantages are that timber
frame housing does need to be
put up very carefully and. as
-with all products enjoying rapid
growth, there is a danger, we
industry admits of cowboys
being drawn in. Correct instal-
lation. as will *be offered by
reputable builders, is vital to
ensure not just the engineering
integrity of the structure but
the maintenance of the vapour
barriers required if problems
such as rot are to be avoided.

The National House Building
.Council Is known to be con-
cerned that although the
record of timber frame has
been good, things can go wrong.
One of its worries is that while
limber frame housing* has
hitherto been erected by know-
ledgeable speciaPsts, . panels
can now be bought off the shelf

by builders who might not have
a full understanding of the
principles, involved.

Materials, the NHBC has
noted, are now also being sup-
plied not just from North
America and Scandinavia,
where high standards prevail,
but from other sources which
are possibly less reliable. As
yet, too, there is no mandatory
requirements for the materials
used in timber frame housing
to be protected with preserva-
tives against rot and infesta-
tion, though some big builders
do use pre- treated woods and
a new standard making' this
obligatory is likely next year.
One major failure has already-
come to light in Cornwall
where a group of 18 bungalows
built ten years ago has suffered
wet rot and will cost £120,000
to repair.

The householder, too, is
likely to have to be more care-
ful in making alterations to a
timber-framed dwelling so as
not to breach the vapour
barrier, thus allowing water to
get into the timber, and special
— though readily-available fix-
ings are required to make wall
attachments.

The timber frame industry is
able to point out that problems
such as rot are not suggested
by the evidence from years of
use in North • America or
Scandinavia where timber not
only has a near 100 per cent-
share of the market in inner
leaves but is used externally as -.
well. The campaign for tradi-
tional bousing responds how-
ever that Britain has a some-
what damper climate than the
other two areas.

The campaign' also argues
that brick and block, while not
such a good insulant as the
limber frame rival, will give a
.more balanced room tempera-
ture. With timber frame the
heat is contained in the room
by the insulation and is dis-
sipated with air changes after
the heat source is turned off:
With brick and block the walls
store and re-radiate heat

Exactly what proportion of.
the marker - timber frame will
eventually capture is impossible,
to guess though it seems un-
likely to plateau at its present
level or dimb, as some of its
advocates believe, to take over
the bulk of the new housebuild-
ing market in the not too
distant future.

The brick and block manufac-
turers. apart from launching
their counterblast through* tbe-
housebuilding advisory bureau,
have also recognised that they
must improve • their own
methods if they are to defend
market share.

Brick and block ' manufac-
turers, under pressure from the
tighter insulation regulations
now in force: have also been
bringing out improved products.
Lightweight air-filled concrete
blocks offering better insulation
characteristics have been in use
for some time and have been
increasing market share.
Masonry wall packages, com-
plete with the insulation layers
necessary to meet the new
requirements already built In,
are now also available, and
’ systems have been developed by
foam suppliers such as BEP for
pressure filling hollow building
blocks with insulation.

• At the same time, while
timber frame offers financial
gains to the major housing
groups with large buying depart-
ments and the ability to plan
site operations in great detail,
the same is unlikely to apply to
the small operator who may
well prefer the greater flexi-
bility offered by the use of
traditional materials.

The economics of housebuild-
ing. however, would seem to
point remorselessly to further
contraction in the number of
small builders with big well*
organised groups increasing
their share. Providing the
advantages they • achieve
financially from the use of
timber frame do not diminish —
and assuming there is no con-
sumer rejection of the product
— the likelihood is that, particu-
larly in the starter homes
market, wood will dominate.

Brick and block are never-
theless defending their place in
the market at a time when their
share is still around 75 per cent.
And while it is not strictly
accurate to portray brick and.
block — both . in their present
form relatively modem products .
— as traditional they do have
the example of other successful
counter-attacks .against stan-
dardised products such as the
Campaign for Real Ale to spur
them on. The battle between
timber and concrete for the
inner leaf of Britain's houses
is dearly only just starting. .

BUCK AND BLOCK

UMBER frame

How the two methods differ

Brick and block was- virtually -
the only' method' in use until
comparatively : recently. The
outer wall will consist of
brick which -is' • -’usually
separated by a cavity from an
interior wall -made of blocks
(which can be In a variety of
materials and compositions).
The internal surface is coated
in plaster (generally applied
wet) which .' creates the
surface for decorating.

Brick and Block's ability to
meet the new 0.6 U value in-
sulation . requirements de-
pends on a number bf, factors:
thickness and composition of
the blocks, and whether or'
not the cavity is filled with
insulation. .-

In some systems insulation is
added internally to the -blocks
within the house and; a dry .
lining jg then attached $0- this

surface. Block thicknesses
vary between -90 - mm and -
15Q mm.

Information on bride and block
housing can.be obtained from
the National -Housebuilding
Bureau' (sponsored by the
Aggregate Concrete Block
Association, the Autoclaved

Aerated Concrete Products
Association, the Brick De-
velopment Association and
the Cement and Concrete
Association) at CPR House, _
12 Crane Court London EC4A
2JJ (01-583 0518).

Resistance

Several systems for timber
frame housing are in use. In
the most widely-used the
structure consists of a series
of vertical one-storey soft-
wood studs (or -uprights)'
fixed to a preservative treated
sole plate (at slab level) and
- to- a head binder (at celling
. level) . Sheathing (generally
plywood) is attached to the
studs externally to 'provide
racking resistance and is
•'* itself ' coated with breather
paper arid vapour barrier.

The ■ interior - wall" -surface-
within the dwelling is created
.by dry-lining (plasterboard)
attached to the studs. add- the ;
space between the external
and. internal surfaces along-
side the studs , is fitted with.

insulating mate rial

External weatherproofing is

provided by brick or other
Cladding, separated by a
cavity from the timber frame,
and fulfilling no structural
function.

Builders have to submit
engineering calculations for -
timber frame houses to the
local authority for building

- regulation approval.

The major builders using the
system use their own engin-
eering design departments to
draw up plans. The smaller
builder can obtain from, lead-
ing timber suppliers a
package consisting of - all.
necessary drawings and cross-

- sections, assembly details and
even instructions for nailing
and nail sizes.

Information on timber frame
- , can . be > obtained from the
-.- British Woodworking Federa-
tfoh, 82 New Cavendish
.Street London WiJf SAD (01-
. 580 5588) and from the
; . Timber Research and De-
velopment ■ Association
i (TRAD A). Stocking Lane.

- Hughenden Valley High
Wycombe, Bucks, HP14 4ND
(024024 2091).

R. D .

Proportion of- timber frame timT price by isize of builder

. s'. rtJK figures— October 1981 taMArehl982$ V

Companies

annually
1 starting’".

I- 10 units

II- 30 units
31-100 Halts

— r^— ’ i pmb<erf{fridim^

of ‘starts
*; . (009K
L0

. air ..

to .

‘starts’ Average price; of*t

• 1 0^-

. 10 ;* ■■ fit.

' — 5&ttostiy,' bride and bloek) ?—
; Number ' % ofaii .

of ‘starts' '■

• - ;

v <■ i < jiT~

'starts

101-500 units

-13.

20 -

*27. ;* ■’

.80

• •-■*7 .

501+ units

.73 .

37

• 25.

. 13^1

63

27 ;

Total '

123

. 23

28

■ . :

. 77 .

30 -.

Source:

National Housebuilding CounciL ._

house

A TlMBER-FRAMBiiouse '
half-way through con- - - ••
struction. .

The system now accounts
lor roughly one-qp&rter of .
housing starts in the private
sector and it is expected to ■
grow in popularity rapidly.

Large builders starting i
more than 500 units a year \
are the mainiisers. They
currently account $&r more
than 37 per cento ftimber-
frame starts. ■ ‘

TIMBER FRAME
HOUSING COMPLETIONS

1974 23^25 ( 8A%) -

1975 37,631 <lfc7%) ,

1976 47,014 (143%) ;

1977 48,004 (UQ%) -

197 8 43^14 (15.0%)

1979 39,30 0 (16.1%)

1980 45,966 (19.5%) -

1981 47,530 (23.9%)+

• Provisional est.

Source: MTtiBMfX

Wheffieryou hare tbes^ozoarlmdbankdoes w&S aasum&at

otarteat&a architects, quantity surveyors and amfractozs ensure that
yaur derefopment ts progressed on schcdule

Ourtrc-house team of professionals has dedgoed factanes*
warehouses, offices and retail stores for dients such asHaxzfe
Queensway.NewBwelljBritishLeylaixLHan^^

Fbrfiatherih f oiiiiatfcin please contact us
el the address and telephone number below. UrMlt Vl

Huniihs Gain HitcMiiHerttSG4 0TB. i fllTTf Tfc
.. . ' Telephone m62)444± Telex 8244. + MS9J KiM

% ’ . . * * A v n ' • , j

TIMBER FRAME— MARKET SHARE ANALYSED BY
DWELLING TYPE
(Britain, October 1981 to Harsh 1982? V.

> Percentage of

Timber frame

.• ‘starts* in.

House type Total" starts* ~ feotoe ope

Detache d image " 1U. . . ; jg •

‘Potadwd ft ragaow ; -4US ... . y r~7?';

Semide tached house ^ 1U \.

Terraced hnase ■ ; , - • IL7 . ' : - ' ~ ■

A ttached bu ngalo w^ "7; . XO • .80^^

s^^riiauui ttui r>

Soured: National Housebtulding Counca. ' )"v .■

ThB iargest&pdtfiost progressive timber •
.. .systamjMldeisfcthe UK

- —y,w

• „ ,V. . -

—'■-***£**-. -•

«t^^^tFE7BRSCBOIH3ti0E2aEE: J

'"jr-yc . v: ‘ ' ' ■

Financial Times Wednesday June 30 1982

BUILDING methods and management vn

Arffinr Smith looks at the assembly line method of building homes

.• , : v

.CvV '■/

"* ; . .» j\. ; -i

’jw''' f J

which are

in

dim

HOUSING constructed on
. as&emMy line principles, where
everyfti^ inclnding the kitchen
sink is Installed in factory con-
trolled conditions is a distinc-
tive sector of the budding
- systems market’ which is cur-
rently dominated by the TTaiia^
Group, of Nottingham but which
is likely.. to attract increasing
interest by other groups in the
future.

iHallam is . firmly into the
timber-frame, system of housing
which has emerged in recent
years as a serious competitor
to- -traditional methods. The
difference is the extent to which
the -Nottingham company has
traxffiferred building problems
from the site to its Langley
Mill - factory, where around 20
units a week are currently
bung turned out.

-Hallam has established a
niche for its “Volumetric"
brand, which takes the concept
of system building a step fur-
ther than mere assembly on site

of factory-produced panels and
components. The whole super-
structure is manufactured,
painted and fitted out with
plumbing, central heating, elec-
trical services, sanitary ware
and kitchens. !

The factory-built structure
can then be transported in
“ slices "—perhaps the top and
lower storeys in the form of
pre-stressed shells. These can
be lifted by crane <ra to pre-
pared foundations ready for the
services to be connected, the
exterior brickwork to be laid
and the roof tiled.

From transport on site to
readiness for occupation may be
a matter of only days — an Im-
portant factor in winning local
authority contracts for the
replacement of post-war pre-
fabricated housing. Hallam has
helped Nottingham City Council
with its replacement programme
by minimising disruption to,
occupiers, many of them not
only elderly but anxious not to

lose contact with & faWifHar
environment.

Tenants need to he provided
with temporary accommodation
for only a matter of weeks while
their old pre-fabs are dis-
mantled, foundations modified
and . new bungalows installed.
Even damage to gardens is mini-
mised. Special trolleys axe used
to transport bricks, roof tiles
and other materials to negotiate
existing paths without distnib-
ing hedges.

For Hallam. which has ex-
tended its Volumetric system
from local authority: contracting
to speculative private develop-
ments and sees potential in the
concept for flats, factory-built
bousing has become increas-
ingly important. In recent years
the system has enabled the com-
pany to expand against the trend
as other markets have shrunk
because of recession.

' 1 Founded more than 60 years
ago by Vic Hallam. a- Derby-
shire coal miner, to produce

Transporting in slices: one of HaUam’s contracts for Nottingham City Council

* >. • • • , * u- - '

^ of

5-

1P1II

l|l*

Mm - !

W 9

‘ : '• ^ Uvi ’ •" ■■■

••"‘-'Tv,:.- r ' v A ••»**

A Trent T6 pre-cast concrete frame being erected

garden sheds and poultry
houses, the group now has a
turnover of around £ 10 m a year
in system buildings far indus-
try. commerce and public
bodies. Volumetric housing has
expanded to account for around
a quarter of turnover. '

The move into housing was
a natural for a company with
experience in factory-controlled
systems building. But Volu-
metric, launched in 1975, took
time to get established. In the
first six years less than 1,000
units ranging from starter
homes to four-bedroomed
detached properties were sold.

With the recession and the
decline in demand for indus-
trial and commercial units, the
housing side was given a boost
by the advantages offered by
thhber-framed accommodation
at a time of high energy and
interest charges. The British
Woodworking Federation main-
tains that the thermal insula-
tion standards In timber-framed
homes can save anything np to
35 per cent in fuel bills.

Mr Keith Etchells, marketing
manager of Hallam, maintains
the main competition comes not
from other systems builders but
from, the traditional housing
sector.

Under the timber-frame
method the inner structure of
brick or blockwoxk is replaced
by structurally engineered
wood frame components,
covered and strengthened with
other materials. That process
alone wlitniTiatpj; the shrinking

| 3

I 0

- I

. .j-, jftt

El*

STEEL' FRAMED building
system manufacturers and con-
structors are showing consider-
able: ingenuity in getting
round what everybody recog-
nisex as the drastic fall in the
dpmand’for structural steelwork
iifi’ fixe jpast two or three years.

Alan Cane examines the steel-framed building system

increase

part of the British Steel group 1973.

concerned with structural steel
said: " The industry is far from
desperation. We have an in-
creased market share of what

According , to the British- Pre
Cast Concrete Federation, , the
industry is simply, ticking over.
The federations does not believe

is admittedly a much smaller pre-cast concrete has been hit
market. But constructors have . harder than any other section.

been showing considerable ver-

;^Whfle several firms have, sattiity. They may say that all

gape bust, others have turned
tfcetr-hand to the kind of work

their work is tied to column

although they admit it has
taken a significant knock with
the growth of timberframing in

they would- never consider in pressure vessels, bits; of ships
more buoyant times.’ and so on. If there is an up-

and beam but they are building the housing market It is poss-
pressure vessels, bits' of ships ntfe that most firms are down

, One company, deep in the
heart of the country, has
developed a new expertise in
building jetties. The framework
after all is J not that different
from that of a multi-storey office
block.

A spokesman from Constrado,

and so on. If there is an up- to only 60 per cent of total
turn, the industry should be capacity, they think.

well poised to take advantage of
it"

Both the steel frame and the
precast concrete building
markets have been bard hit by
tiie recession and by govern-
ment policies going back to

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But if the industry has taken
a beating, especially on the
heavy end where virtually all
building Is government funded,
there is plenty of evidence that
it is working hard to. cut. Its
construction costs and improve
r delivery times through the use
I of new technology.

An example is. the Atlas
portal frame, developed by
Ward Brothers . of Sberbourne
I in conjunction with Sir Fred-
erick Snow and Partners and
Imperial College, London.

Progress

As well * as illustrating the
kind of continuous progress
which distinguishes the struc-
tural side of the building indus-
try, the “Atlas” development
is a good example of collabora-
tion between an academic
institution and industry.

The Atlas concept created
considerable interest when it
was released at the end of last
year. It also created consider-
able congestion in Imperial
College's civil engineering shop
where full scale span .were
erected to test .the concept

The basis of the idea is acuto-
piatic welding. Conventionally,
the design of portal frames in
the UK is based on plastic
theory applied to hot-rolled
universal beam .sections, with
the provision of a haunch. Ward
.Brothers believed, on toe basis
of considerable research, that
the use of tapered portal
frames gave a scope for
economy not possible using
universal beams..

According to G. K. Raven, of
Ward, and Derek Beckett, of
Snow, stresses are close to toe
permitted madman values, at
any ' section — an optimised
elastic solution.

“Fabrication costs can be
minimised by tolly automated
welding. The total economic
envelope includes simplified
stock control, optimisation cf
the bracing system, transport
erection and foundation costs,"

they say.

Reinforced and precast con-
crete construction has had a
poor press of late. For precast-
structures toe height of
notoriety ' was probably toe
Rooan Point incident when a
gas. \ explosion in ;toe upper

floors of a high rise block
caused toe collapse' of virtually
an entire comer of the build-
ing.

. The experts are quick to
point out that it was chiefly
design faults which caused the
disaster: there was a lack of
continuity between the basic
units of which, the structure
was built Derek Beckett, of
Snow, says: “We have learned
a lot since then about the
stability-of these structures."

“If toe design and detailed
construction work is adequate,
then there is no prohlem and
there can be good advantages in
terms of speed of construction.”

But Mr Beckett, who is much
concerned with the ways in
which reinforced concrete fails,
believes that precast structures
can never have the natural con- 1
tinuity of material cast on site. I
The chief problem is the i
entry of water in to- toe concrete
to the point where it attfeks toe
steel reinforcements leaving toe
overall structure seriously weak-
ened.

But Hus problem is now well
recognised and the industry is
fighting back. Mr M. J. Downing,
sales manager of Trent Con-
crete Structures of Nottingham,
notes: “ The recent publicity
given to a particular form of
precast concrete construction
has tended to bring into dis-
repute the soundness of all pre-
cast concrete elements. Ibis is
quite unjustified”

Trent's special contribution
to the pre-cast business is toe T6
connector. Based on steel struc-
ture technology, the connector
can be positioned at any. point
along a. column.

So according to Trent there
.is no modular limitation on floor
height nor on toe physical con-
figuration of floor or edge
beams.

It claims construction. speeds
three times faster than conven-
tional concrete structures . . .
and that is critical to the success
of these new building tech-
nologies.

All these development- areas
concerned wife speed, of erec-
tion and cost containment which
Is seemingly an intractable prob-
lem in toe UK Comparisons
drawn with, for example, the
UB. on comparable structures
are frequently- unfavourable.

There has been a decline in
the use of precast components
but that is probably as much due
to the recession as anything
else.-- -■

-Better procedures, are how-
ever glring thrust to the view
that concrete- structures can be
built in situ very rapidly these
days. And that is toe aim. As
one' expert said: “We do not
seem to be able to put toe right
commercial weighting on speed,
of construction. '

and twisting which results from
the evaporation of an average
1,500 gallons of water in a
typical brick and block house.

The Volumetric factory-based
system maximises the controls
over operations . which bn site
would, be subject to the
vagaries of weather and chance.
The fairly constant output
established at Langley Mill has
led to a settled and skilled
labour force — a key factor in
controlling both quality and
costs.

To transfer construction to
the rigours of the assembly
line brings obvious benefits in
terms of a reduction in site
overheads, vandalism and
wastage linked with quicker
turnover of materials, reduced
work in progress and lower
interest charges.

Any cost savings achieved can
be reflected in toe price offered
to toe customer. Hallam also
claims better standards of finish,
lower heating bills, reduced
condensation, fewer plastic
cracks and easier decorating
and finishing.

Mr Etchells does not share
the optimism .of national fore-
casts for an upturn in either
private or public housebuilding
but nevertheless anticipates
growth for Volumetric.

He points to a fourth contract
from Nottingham City Council
for pre-fab replacement and to
toe potential of toe system for
speculative housebuilding:. In
addition to contracts for private
developers Hallam has- recently
built houses for sale on a
speculative basis at Alfreton,
Derbyshire, and - Tonbridge,
Kent

Another potential growth
area is seen In flats. The com-
pany is confident it can satisfy
toe stringent regulations cover-
ing sound ixisulation to make
timber-frame flats viable.

Mr Etchells, insists the
Volumetric system is develop-
ing continuously and becoming
more flexible in use. He main-
tains that as Hallam is probably
the best-known supplier of pre-
assembled housing units it is
well-placed for expansion should
the market take off.

■ ■ r r* ■ . . - • 1

,,,

Hallam at work on 10 two-storey homes _ on a
one-in-six gradient in Belper. The homes had to be
craned in from a minor, road avoiding the demolition
of an adjacent dry stone wall

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When building its £llm Newcastle plant Findus plumped for an unusual

but sophisticated construction technique

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The marriage of

With £30m to spend on creating
what was intended to be one of
the most advanced food manu-
facturing plants In the world,
frozen food giant Findus went
to a great deal of trouble to
Tpafci» sure that it chose the
most efficient means of trans-
lating concept into reality on its
greenfield site at Longbenton,
on the outskirts of Newcastle
upon Tyne.

Over the years the company
had been involved in a number
of building projects, using
traditional methods— sometimes
with success, sometimes not. In
opting for a design and build
package for its Longbenton
project it was influenced by a
number of factors.

Not the least important of
these was speed of completion.
As Norman Riggall. Findus*
project manager from thq be-
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mitted to spending that sort of
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quickly as possible, to get pro-
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Timing; therefore, indicated a
design and build package as be-
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Although there were other
considerations apart from the
time factor, on that issue alone
the choice of the • package
proved to be extremely
propitious. Findus is getting its
new factory several months
ahead of the contract dale.

Track record

The decision to set up a plant
of such size and complexity
represented the biggest single
step taken by the company for
many years and from the start
there was every intention that

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whatever was done would be as
right as it was possible to jnake
it . - . ; . .

.With Its years of experience
in the frozen food industry
Findus obviously had.. a good
idea of what it wanted as far
as the design concept .was con-
cerned- It was, therefore, look-
ing for a contractor with a good
track record in ■ design and
build and, most important,
someone with whom a high
degree of rapport was likely to
be possible.

The relationship between the
client and contractor is a crucial
matter, says Riggall, From day
one the client is talking to all
the disciplines concerned in
designing and erecting a highly
complex builcing and not hav-
ing to embark upon a variety
of negotiations with different
nrofessionals.

Because it knew its business
pretty well, Findus felt that It
would have a considerable input
to make in the development of
project. Under Riggall it had
a full-time team varying from
six to a dozen people continu-
ously involved.

The company obviously made
detailed inquiries about she
design and build scene and soon
acquired some idea of which
firms were worth talking to. In-
itially, six companies were in
the hunt, subsequently reduced
to three. At this stage each
company was presented with an
Impressive 200-page design
brief upon which to base. its.
submission and tender.

Although obviously looking
for value for money there was
no question of choosing the
lowest price purely for that
reason. In fact York-based Shep-
herd, the successful contender,
was not the lowest, tender.
Factors like completion record
and design team quality lipped
the balance in its favour. It is
argued that with a construction
contract worth film, a saving
of a few thousands is of less
consequence than a proven
record.

Not least of all Findus was
impressed by the fact that
during the negotiation, stage
Shepherd just about turned the
food company's original design
concept on its head as far as
site layout was concerned and
came up with something more
efficient and, arguably, more,
economic.

Albert Murcutt, general
manager of Shepherd Building
Service— the design and build

Services, including compressed air, steam , heating,
lighting and' ventilation, are separated from the
production area on the groicnds of hygiene and are
contained above a metal load-bearing ceiling

end of the Shepherd Group—
reckons no two design and
build jobs are ever alike and
the Findus project is less alike
than most.

Built to the most rigorous
s tandar ds for a food preparation
plant, complying with, and in
some cases exceeding, EEC
requirements, standards of con-
struction also had to be high,
incorporating many design
features and building techniques
that are unique.

Some of these are visually
obvious, like the external load-
bearing -columns and .struts,
moved outside the main fabric
of the building' to allow smooth,
flush, hygenic internal walls for
easy cleaning. In the produc-
tion areas these walls are
finished in epoxy resin to with-
stand chipping and accept high
pressure cleaning. .

Information

Also in the production areas
the complete absence of timber
is noticeable. Such . bacterio-
logicatiy unstable material is
regarded as being incompatible
with the desired standards of
hygiene. Normal spaces usually
found behind panelling are
also unacceptable. •

Such unusual features, it was
felt, could best be achieved
with the client and contractor
in something almost approach-

ing permanent session around
the table — hopefully on first
name terms. It might be about
building a factory hut if' was
also about people as well, it
was argued.

From the start Findus under-
took that if Shepherd had a
question, to which an answer
was required — and they were
legion — it would be produced
within seven days. Likewise,
if Findus required information
it was forthcoming within the
same time scale. Both sides
found that this concentrated
the mind wonderfully and did
much to keep the contract
ahead of time.

Design and build, as a con-
struction technique has, in
fact been around for much,
longer than many people think,
Shepherd carried out its first
such package more than 20
years ago.

The largest privately-owned
building group in the country,
Shepherd was founded as a
family concern in 1890 and
until the late 1930s was
involved in purely traditional
methods. In 1959, as the result
of a request from a client — in
this case British Oil and Cake
Mills — for > a ' comprehensive
package, the company launched
its first design and build opera-
tion.

With architect Mureutt in
charge, a multi-disciplinary

group was set up within the
company, consisting of archi-
tects, quantity surveyors, struct
turaL mechanical and electrical
engineers, together with project
controllers: ;

What would be the separate
fees charged by the various
professions involved in the in-
house design team are all in-
corporated. in the. ; .final tender
price, by which the ‘firm stands.
The design group, therefore, is
under some' pressure to antici-
pate time-consuming problems
and iron them out in advance.
Traditionally, such : cost induc-
ing delays would normally be
added to the client’s final bill, v

By the time the. Findus pro-;
ject came along Shepherd:
clearly bad considerable experi-
ence of design and. build; rang--
ing from electronic factories to
hotels and a prison. In these
circumstances it' - would, have
expected to be invited to make
a presentation for such a major
contract. Just to -.make sure,
however, Murcutt fired off a
letter explaining "* exactly why
Findus' should bie taRting to his'
company.

Six weeks after- being first
presented with Its- brief,
Shepherd handed over its first
tender document;. Murcutt
defies anyone building, tradi-
tionally to match the. time scale.
With the involvement . of the ;
various disciplines ' and a
multitude of sub-contractors-
there is no way it cdiild have-
been done, he dalms, \ . ‘

Along with the tender went
someone from Shepherds to sit?
down with the clients staff and
spend three days going through
the documents to ensure rthat
everyone knew jvhat they-were
about The exercise was: aimed
at saving time later.

The initial tender was sub-
mitted in : competition with -two
other .design and' build com-
panies. Amendments to ■ the
original concept led to a second
tender being • produced, this
time by negotiation— and again
in record .time. • • ■'

The detailed work undertaken
by the in-house team at the
tender stage is cited as a major
factor in enabling piling, rigs
to be working oh the site
-within two or three days of
signing 1 the contract. Since then
all stages of the contract have
been on time, or ahead of it
with the phased completion
within a 28-month schedule be-
ing accomplished three months
early. '

An aerial view of the : Findus factory with -its
23,400' sq "m ftoqr oreq, \ r 'v : , -

Lome Barling looks at the work of the Building Research Establishment

Improving conservation a key role

THE Building Research Estab-
lishment, a Government
financed organisation under the
Department of the Environ-
ment, plays a major role in
carrying out research and de-
velopment for the UK building
industry, although its .work is
primarily for the Government.

BRE employs about 850
people at four centres: the
Building Research Station and
the Fire Research Station, in
Herts, the Princes Risborough
Laboratory and the smaller
Scottish Laboratory, which deals
mainly with work related to dif-
fering requirements in Scot-
land. The number employed has
fallen recently from nearly
1.200 as a result of Government
spending cuts.

Since the early 1970s. when
rising oil prices changed the
world energy picture, much of
BRE's work hats been related to
building methods aimed at im-
proving conservation. But it is
still heavily involved in more
general research "aimed at pro-
viding the Government with a
means of predicting future
domestic energy requirements.

Research work accounts for
around 75 per cent of the estab-
lishment's total expenditure of
around £15m a year. The
remaining 25 per cent goes on
the important Information and
advisory services concerned
with getting research results
applied in practice.

According to Mr Ian Free-
man. head of BRE’s building
process division, there is a
world of difference between suc-
cessfully using a new building
process or material in labora-
tory conditions and its success-
ful application on a building
site.

He gives the example of the
use of insulating halts, usually
expanded polystyrene boards,
increasingly used to set up har-

riers between cavity walls of
houses during, construction.
While their installation may be
easy in theory. -he points out,
variations in cavity widths and
other on-site problems inevit-
ably arise.

If, as a result, the- bafts
become dislodged and lean
against the outer wall, they can
create damp and costly remedial
work becomes necessary. The
method of fixing the batts is
therefore important and BRE
bas been working on this.

Overall, it is often BRE's role
to examine the broad implica-
tions of a change in UK build-
ing regulations, such as the
recent introduction of a higher
wall insulating standard, which
has led to the use of insulating
batts and other devices to
reduce heat loss.

Condensation

Another - problem being
examined is the effect of inter-
space] condensation in timber-
frame houses, now increasing in
popularity, which may arise-
from the increase in thermal
insulation. While this may not
be evident as an immediate
problem, BRE regards it as
necessary to examine the long-
term implications.

“We have to ensure that any
recommendation made to the
building industry is not incom-
patible with the long-term via-
bility of houses,” Mr Freeman
says.

Although BRE bas no powers
to impose standards on the
building industry, it seeks to
exert influence through its pub-
lications such as its . series of
BRE digests, aimed largely at
designers and local authorities.

It also offers an advisory ser-
vice to supplement the answers
to standard questions given in
the digests. For this a charge is

made to supplement its Govern-
ment income. • However, little
research work is carried out for
private concerns.

Mr Freeman points out that
the average new house in
Britain may look very similar to
one built 10 years ago. but is in
fact very different due to im-
portant changes which have
taken place in building
methods.

“The house of today is a
highly rationalised product, in
which many of the component
parts have been de-skilled. For
instance, plastic plumbing has
diminished the role of the
plumber and plastic guttering
has saved labour.”

He points out that there has
been a 4 per cent per annum fall
in real labour costs on an aver-
age house in recent years, and
qualify has generally improved
as a result of big companies
capturing large market shares
with good products, such as
roofing tiles or plastic gutter-
ing. in addition, there is less
scope for “corner-cuttinq.”

Another important role for
BRE is in relation to the fram-
ing of building product stan-
dards by the British Standards
Institution, with which it works
closely. Mr Freeman secs BRE's
role here as one in which the
end user’s interests most be rep-
resented against those of the
industry concerned, since manu-
facturers usually lobby for a
standard which they can meet
rather than one which ensures
product satisfaction.

Regulations

At present. BRE is involved
in a major study - of housing
defects arising from problems
on site, the results of which will
he made available to private and
public sector designers. It will
attempt to determine the extent

to which building regulations
are being met and point to:
potential areas of, 'default dur-
ing construction.

The broader research work.'
relating to national energy con-
sumption, is carried out , by
BRE’s building services and
energy division, which is headed
by Mr Neil Milbank, He is also
responsible for the Scottish
Laboratory.

Mr Milbank points out that
around a third of the country’s
energy consumption is in pri-
vate dwellings, but until
recently there has been. little
research on average internal
temperatures of private houses
and levels of heat loss.

For that reason, changing
regulations relating to the ther-
mal efficiency of walls does not
make it immediately obvious
what, the long-term implications
are for the UK power genera-
tion industry. The Government
is hoping that BRE research will
provide a means of better fore-
casting.

“For example, it will help the
Government to decide whether
to raise the grants on home
insulation or to go for an
increase in the standard of
building,” Mr Milbank says.

An important part of this
research relates to the
behaviour of home occupants,
since the range of energy con-
sumption in similar dwellings
is very wide.' Incidental gains
such as from cooking, lighting,
hot water systems and electrical J
appliances are also being
studied.

As a result, of BRE research,
a calculation method for pre-
dicting the energy required for-
space heating in different types
of dwelling has been devised.
Research is continuing on im-
provements to the method and
on obtaining better values for
the input data.

^The building Industry is the
only one ‘ . where design is
divorced from production,.; says
Murcutt Design , and .build
makes sense . as ' the logical
means of bridging the gap, -he ;
-says. Building is becoming more-:
and 'more -an' integral part Of.
the manufacturing - process*
especially -in-] electronics and:
food manufacture, with, contract
tors hoi longer merely erecting'
shells.' > '

Murcutt sees Find as Ss vl
prime example of . the ihereasiug

sophistication golngr fofo' : the
construction, - of •a 1 >..iiuildiiig J
'whrch' must: rati for ad equally
sophisticated, approach^ on. -‘the
part.of the builder.; '

As far; as the Longbenton
- proj^ect is concerned, the design
imd.bvtid package : appears:- to
■have worked .Well: Murcutt is
. pleased- - With what sit - -"has
^achieved: ' .'aha.. Riggall :~sayS
• 'Findus js' delighted ' with' what
]i it has.' got. : j?-- .yr-.: ■

3 / V.iV '■'’’•iEwirti'jitoi

INtERNM:i#NAL

November 9 .4982

The Financial iTTimes proposes to publish
a survey bn toentatipnkJ Construction
on .November & 1982 . ' The -survey %ill
look at develbpnjents affecting'^ the.
industry worldwide, . at : major projects
and -at the main markets. • ■ - >•->.

For- advertising rates and. full editorial synopsis
■ . please contact : . ' * ; • ' •’ ! .

David Evans

Financial Tbnes* Bracken House -
10 Cannon Street London EC4P 4BY
. Tel: 01-248 8000 ext 3305 '

HNANCJAI/IlMnS

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The size, contents and publication dates of; surveys in
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4

Financial Times Wednesday June 30 19S2

BODY SCANNERS

Social Affairs

Nuclear images in the clinic

By David Fishlock, Science Editor

NEPTUNE IS an inspired choice
of name for an instrument that
can peer into the briny depths
of our brains and bodies and
produce vivid images of its
tissues and how they are behav-
ing. It is the name of the proto-
type of a powerful new family of
instruments for diagnosing
disease, costing up to £850.000,
put into production by GEC at
Wembley.

Behind Neptune’s develop-
ment in Britain lieu an invest-
ment of about £5m in research
and development over the past
six years. Half of it has been
put in by the Department of
Health, whose senior scientists
make no attempt to disguise
their delight with the outcome.

The balance has come from the
companies involved; first EMT, i
then — after its takeover by *

Thorn — by GEC, which acquired
Thorn -EMI’s interest in the new
instrument. Professor Steiner <le

Diagnostic radiology is one of
the fastest-growing specialities

in medicine, says Professor assaying complex molecules.
Robert Steiner, director of the Each atom, when wrapped in a
department of diagnostic powerful magnetic Acid acid

Trevor Humphries

Professor Steiner (left) shows Neptune to Norman Fowler. Health Secretary

The takeover produced “really hits (he eye," with
Picker International, owned SO NMR. But he stresses that he
per cent by GEC and 20 Tier sees the two methods of diag-

ra etiology at the Royal Post- excited by radio-waves, gives off cent by Cambridge Instruments, 'aosis as complementary rather
graduate Medical School, a characteristic signal, as dis- group, with 7,000 em ’ competitive.

London. Prof Steiner has tinctive as the note of a bell. ployees and sales this year of NMR-scanning looks at the

played a key role in expanding Initially, there was great ^ bou ^ f/ 00 ? 1 - « distribution of hydrogen atoms,

Medical School, a characteristic signal, as dis
Prof Steiner has tinctive as the note of a hell.

the radiologist’s armoury with scepticism in medical circles, “* “s .f" 1 ?? scattered throughout all living

Neptune. Prof Steiner admits. Compared subsidiary GEC backed it with SSSTpitiSi&r? water and

A small brick building buried with the dramatic relevations of * la boratory at fatty c^pound^ In fact Nep-

within the Victorian sprawl of the CT scanners using X-rays— Ymm e ^rr^FMT tune looks at no fewer than

Hammersmith Hospital houses the EITI-Scanner is one example Young J^rom EMI, devoted to different characteristics

the prototype, with which he

-the first NMR pictures of llv- th ® iS ™ scanner.

of the radio-excited atoms of

has examined over 1.000 people mg tissues were fuzzy and un- The cbmcal case for pursuing hydrogen, in three different
m the past 14 mpnths. He pro- exciting. But by 1976 EM itself the NMR scanner as a commer- plane - before the computer
duced his first brain images was taking the challenge of «al venture, notwittotanding constructs its image,
about a vear ago, making it NMR seriously, by mounting a P e experiences at EML has ■

“ veiy obvious to us that it was project at its central research been assei^led by Dr Zoning -

a major step forward." The pic- laboratories where the EMI- and Sterner. The tech- for commercial ^ confidence in
tureT sharply differentiated Scanner had been invented. mque looks pa rticulariy promis-

between different parts of the In 1978, EM put a proposal to mg for pinpointing problems of know, nuclear magnetic studies
bnjT?. °tw«n the Deportment o£ Health for the central herviona.gste^par. are harnte. non-.n^ra and

white and erev matter in a development funds for a proto- ticularly those which start in well-toleratea bj pauents,

„ th“ EmJcSner (and he W NMR scanner to go into a the brain, including multiple Prof Steiner says,
is usine one of the latest British hospital, as had been sclerosis. The lesions of this The commercial case for NMR
models^ cannot do done in lhe !ate-1960s with the disease s Jk>w . “P clearly as scanning has been assembled by

models) cannot do. EM-Scanner. ‘ black holes - m the brain: and Picker International. Mr Sidney

The scientific basis of But the fitranria] troubles fw every lesion revealed by Came, UK director of oper-

Neptune was first proposed ra which befell EMI> partlv the CT-scanner, NMR is reveal- ations, is forecasting a market

the U.S. ro 19*2. just as the due l0 lthe coilapse of ils us mg three or four. But the for 150-200 NMR-scanners a

medical world was awakening to mar ket for EMI-Scanners. other side of the picture. Dr year by 1984. 60 per cent of

the exciting possibilities of the ser j 0us jv delaved development Young says, is that they have which will be in the UJS. As
EMI-Scanner. Instead of usmg an(1 g^st <fost Britain the b**? abl « to reassure some with CT-scanning. “the battles
X-rays to cast shadows, and a Neptune. Thom-SMI was eager pof tents that their disease is thiat have to be fought out will
computer to synthesise images l0 sel i 0 /r venture. Foreign lew serious than other methods be fought out in the U-S.". Mr
out of thousands of shadows, electronics groups— notably US of diagnosis have suggested. Came says,

the new idea was to use signals General Electric — were keen to Prof Steiner is confident that His confidence that Picker

be fought out in the U-S.". Mr
Came says.

His confidence that Picker

given off by living tissue itself, acquire it. Much to the relief "within a year or so " NMR can succeed in the all-important
The principle involved was of the Deparimnt of Health, it could replace CT-scanning for U.S. medical market, where
called nuclear magnetic reson- was saved for the UK by GEC's certain problems. In diagnosing EM failed, rests on the fact
ance (NMR), which won Nobel acquisition of Picker, a major liydro-cephalus in the newborn that it is a substantial and
prizes for its discoverers in U.S. manufacturer of medical baby. CT-scanning is “ not much established U.S. company, well-
1952, and had subsequently equipment based in Cleveland, help," whereas the enlarged respected as a market leader

and immigrants
urred picture

proved to be a valuable way of Ohio, in 19S1.

brain, swollen ' with

in diagnostic radiology.

latest moves make it the world's
fourth biggest medical tech-
nology company.

However, of the £9m, invest-
ment-including £3m for engin-
eering and R and D — it . is
making in NMR-s canning,

nearly 70 per cent is being
spent in the UK. The first from
the new assembly Line at
Wembley is scheduled for . de- ,
livery to the Mayo' Clinic in the
U.S. in October, after which the
initial programme of 12 will -be :
completed . at one- a. month. j
Britain's, 'first two production j
models Will ,go- to the depart-
ment of radiography at Man-
chester University • -and ■ the
National Hospital for Nervous
Diseases in London, early next
year.

But Mr Came is well aware
that, despite Britain's lead for
. the moment in clinical results
from NMR-scanning. some for-
midable competitors are hard
on his heels. Closest to launch-
ing a * production model is
thought to be the Technicare
Corporation, of Solon, Ohio,
part of the Johnson and John-
son group, which made its
name with. CT-scanning.
Technicare has built two -NMR-
scanners as research tools- for
the NMR laboratory at
Massachusetts General Hospital
In Boston.

-According to - Mr Came,
Technicare — “ the - real com-
petition" — is raring neck-and-
neck with Picker to be the first
to finish a production-line model
later this year. Like Picker,
Technical is taking orders.

But he is also eyeing warily
two smaller U.S. companies,
Diasomcs and Fonar, and two
big European groups. Siemens
and Philips. All have claimed to-
have demonstrated NMR-
scanners.

Britain itself affords more
competition. Earlier this year
the Prudential announced that
it was backing a new venture
called M and D Technology in
Aberdeen, which aimed to
produce its first NMR-s earner
in - 1983. This instrument is
based on developments
pioneered by Prof. John
Mallard at Aberdeen
University. Working closely j
with Aberdeen Royal Infimary. ,
Prof Mallard has examined
large numbers of patients and i
produced coloured images ,
vividly distinguishing diseased i
from healthy tissue. -

By Ian Hargreaves, . _ .

ONCE A year.- the sdcial camera- aspects of female emancipation, and media debate,' and the
men 1 at the Henley Centre tfor such as -the - divorce rate, are responses of a' different .type
Forecasting 'attempt tlie im- very, wbriying. Sixty-two per which emerge when questions
possible: to produce a snapshot cent of people , think (hat the axe stripped of that context:
of the underlying social atti- children of divorced parents- it will -probably come as no

of the underlying social atti- dmdren of divorced parents- xt will probably come as no
tudes of British people. - have more, problems than other surprise to the men in Great

It is an exerrise designed to children - - . . Russell Street, fcut the TUC

make money by feeding buk- AD this- seems to ine alrigHy was placed behind the church,
nessmen and administrators rational and balanced response: the Queen; -the GBI. the
with a survey of opinion around v*at is resirable and National Consumer Council

winch to hang their future J 10 ® 1 ^ roa d grounds and to and the House of Lords, in _a
hpaphes, and to some extent to wo f I T ® out .consequences at-tee list- of organisations people

allow the Henley people to in ar gUT - ' 1 ' would like to see more involved

develop their own (ranch, whidi The ’■point .becomes clearer in national affairs. Trade union
is that Britain is stepping when yOu lodk at the survey’s leaders, of whom the TUC is
briskly towards a “post-' results on a few issues where corporate symbbL were deemed
industrial society” when the the respondent's direct 1 experi- out of touch with their mem-
home/work/leisure distinctions enee Hkely to be much less hers 1 views' hr 67 per cent,
of our present economic system pronounced .than indirect ; This contrasts so me what, with
will break, down. . the. fact that only 27 per cent

will break, down.

But the raw data from the

through the media.

felt we would be better off

mi,: isjetS iras ^ *** *** -w

also offers the opportunity for oddly indeed alongside the 63

aTo-it-ymirsVtt tSt of 3 W oJvn af ™ d open door t0 per cent support for the notion

pet perceptions about the state ■ that employers “should have

of Britain. Is -it becoming more •- 1 ■, - more legal obligations to their

health-consrious ? 2s it angry ITSflft UHIOH. IB3.QGTS • workers. " .

about unemployment? .Is it A«+ In other words, people don’t

racist ? Is it afraid of crime ? w Tr^ s -!?*vr£!r .5”*^ y**; *j:.‘ . . ’Bke tte trade unions fihey have
And so ad sociological in- t OUCh, but - * *• WB WOUldr - got, but don’t want to be with-

fioitum. , , ■ ' • 3 .. out some kind -of intrim^diary

In searching for patterns be better off l^itfrout p«iection in their relationsliip

through these numSbers, one 1T ninnc * wrac'rpijiriwl ■ A« ^,f ir empfoyeri. A pretty

fait accompli becomes strikingly was rpJQC^l . , ? . compelling - case , for ; internal

that employers “should have
more legal obligations to their
workers. ’*

In .other words, people don't
"I&e tfie trade unions jfcey '-have
got; but don’t want to be with-
out some kind -of internffidiary
pn^ection in their relationship
With feeir employers. A pretty

and a little surprisingly evident:
the fact that the concept of the

reform in Great Russell Street,
one , would have thought,, and

equalitv of ' women has gained **“"«*» night "rand. 38: pet perhaps a note of caution .to
overwhelmme acceatance wfeaf- cent ’ said their way -of Hfe Jiad , Mrs Thatcher when she - starts

been^g^reWy a Begt? by_ thinking .about her strategy for

women still face. * v, .°S^.^^- a ^ cond t&rnt "

For example 83* per cent if ^erceptmtf .Of . On more immediate political

resnonden^ eveniv snread issues, only one third think it

women StUl face. >a. seronq ternt

For example 83* per cent if , 0x1 more political

resnon dents eveniv snread issues, only one -third think it

that a woman “can do as well the famHv bv. 4irto^cent. the mfla ? on ^ an a .^ a ^ un "
as a man " in busmen and media by-44'per'cent and immi- cul _ ^

meT^gTt ^^^pef cent.

St?r Sdren wifttife wife w , t0 ' “»?£■ sample thought more of the

the A? end’oMbe 1 3 ^ “wever.

Nor, in another part of the Fartv-too ^ ber^Snt the ‘ bl S social issues,
survey, was there significant i felt -civil: unrest
support for the idSTthat would -get worse”

married women should not seek asted • an admittedly pessimists were in a

work at a time of higb .-un- rathet loaded question.^Sef ^J^ om^race rdations
employment. .. . “this coqntiy could gain a lot

The responses about the pom- from immigrants," 60 per cent ^

tion of women are, quite dearly,- felt it. definitely '“couId noL' The i whether Hemey man is free
die voice of experience; women thought process behind this jS l £SG P ASLJI"S e< HK BOt
have demanded a social change, ' response is the reverse of that 3S2?fc5L C 553!il5'
economic circumstances have applied to women. ■ > cannot help thi n king, as W. H.

permitted it and. nobody is In the area. of attitude to JSSL* 0B !|LJ! ias ?iL

work at a time of high -un-
employment.

mused

u nxru . xuruvuj to . jju uic ntw ( ui, akuiuuw w u

seriously suggesting that the organised labour, we get an JSjKf ^

change can or should- be intriguing blend-, of respons^.^^ 10 ?^
reversed to deal with a problem formed around issues identifi- should

like over-supply of labour. More- ably part of the political and cwtauny have heard,
over, t-his. hoids true in spite of media dfifiatev and the responses >- pitrmmo tor sodei ch»ng* tsss.-
the fact that there is- still' a fonpedr around - issues .Identi—^tfwrfBjr c««r», 2 Tudor sow, London
wide^jread feriing that cwiaan fiably part of , the pol itic al EC4.

Letters to the Editor

The root of the problem is inflation

From ihe Deputy Group Man-
aging Director. The BOC Group

Sir.-— A distinct air of un-
reality has entered the present
argument about current cost
accounting, and it may be help-
ful to restate the issues that
really matter.

The central problem is not
that of inflation accounting, but
of inflation itself and the prob-
lems that it poses for those run-
ning the nation's bm/nesses. We
have suffered from double-figure
inflation since the early 1970s.
and only recently have we seen
signs of improvement. While
we hope that the improvement
-will continue, the memory of the
.very difficult period in 1975.
when inflation seemed well on
the way to 30 per cent, is stiH
much in mind. Managers have
had to adapt to this environment
by learning to think in terras of
real costs and values as a basis
for decisi on-making.

No one will pretend that an
accounting convention is other
than just one of the many
elements in this process, or deny

The Falklands

victory

From Mr J. Tunnicliffc

Sir.— To answer Dr Rogers
(jane 22). the brilliance of the
Falklands victory consisted in
overcoming the Argentine air
superiority, seizing and holding
the initiative on land and
destroying the Argentine will
to resist by a phenomenal tac-
tical use of infantry on difficult
terrain and in atrocious weather
— all within the space of a few
weeks.

The loss of lives was grievous,
but it cannot be compared with
Suez, where a limited action
took place against unprepared
and feeble opposition.

The loss could, however,
fairly be compared with the
tenfold greater death toll in

Northern Ireland * after 14

years of failure to mount a
proper war against a self-
styled army.

Argentina has steadfastly
refused to take its case to the
International Court. It has
shown no sign of willingness to
allow the inhabitants oF the
Falkland Islands to decide their
own future. In their brief occu-
pation of the islands the Argen-
tines sought to impose every
petty measure of alien and un-
democratic rule on the islanders.
Towards the end the occupying
troops behaved abominably.

Negotiations have failed in
spite of great endeavours by
noth Britain and the U.S.A. It
has become apparent that (here

that many successful managers
have coped quite adequately
using traditional accounting
method*: — provided these are
backed up by a tight system of
cash control. But our own
experience in BOC is that we
found the historical cost
approach increasingly less use-
ful during the 1970s. Therefore
we developed during those years
a technique of continuously re-
assessing the replacement cost
of our asset base and of setting
depreciation charges accord-
ingly. While this was by no
means a complete answer, it pro-
vided a good measure of prac-
tical help in establishing a
better judgement of Lhe finan-
cial performance of our pre-
dominantly capital intensive
businesses. We believe that our
shareholders would wish to
judge our performance in the
some terms as those used by
the management — hence our
use of the so-called “ modified
historical cost" basis in our re-
port and accounts.

The accounting profession has

i-=- no machinery for diplomatic
decision-making in Argentina.

Dr Rogers urges Britain ‘ to
lake the steps necessary to
negotiai-j a lasting peace.” What
steps i-.re there in these circum-
stances?

Does Dr Rogers seriously
believe the Argentines would
ever have Icf: Lhe islands volun-
tarily? Does he think that peace
under alien rule is preferable to
war foughi to preserve one's
own political institutions?

The best hope of a just peace,
as opposed to any peace, is to
persupde Argentina that the
cost to it of fighting for the
islands in the foreseeable future
will be unacceptably high. This
would be the true benefit of the
campaign that has just ended.

J. D. TuncicSifTc.

W) Hi*;k Stnvt.

Greet Ahingtoi:.

Cambridqr.

Greencoafs

position

Frmn tke Ckcinnat:,

Greescoot Properties.

Sir.— I am writing as chair-
man of Greer.coai Properties in
connection with the article
about Greencogt which appeared
on June 18. I should be grate-
fui if you could give me space
to correct one impression which
an Uninformed reader might
have drawn from (he article.

Your correspondent attri-
buted Grei.r.caaf.N problems in-
Parir. to the mistakes of some
of- the pas? management I-

Iikewise been attempting to
adapt to the changes in business
environment While there have
been, not surprisingly, some
false starts, we feel that SSAP
16 represents much the mast
promising approach we have
seen so far. There are of course
a number of open issues which
will only be resolved with the
benefit of growing experience in
practical use. A three-year
period of experimentation is
therefore entirely sensible.

Against this background the
present argument seems inap-
propriately timed. I suggest that
we should at least complete the
period of experimentation; then
by all means let there be sen-
sible and. let us hope, informed
debate on the issues arising. To
call for the "immediate with-
drawal'’ of SSAP 16 at this junc-
ture would. I am sure, occasion
immense harm to the standing
and credibility of the account-
ing profession.

P. G. BosonneL
BOC Group.

Hammersmith House. \V6.

would like to correct any impli-
cation that Mr David Houghton'*
immediate predecessor as
managing director of Greencoat.
Mr Tony Kelley, had any
responsibility for Greencoat's
losses in France. Indeed, the
truth is that without Tony
Kelley’s substantial contribution
in recent years Greencoat would
not be in the stronger position
it is today.

E. T. Razzall.

Greencoat Properties,

7 Wolseg Road.

East Molesey . Surrey.

Students from
overseas

From the Director.

Polytechnic of she South Bank

Sir, — Malcolm Rutherford, in
assessing the cos; and benefits
of overseas student? (June 21 ‘1
slates that the "steel mill
theory" (that overseas students
return home and eventually
order British <>teel milk) is not
proven. . I cannot help him with
steel mills bat I can provide
support for the “ baking- oven
theory." Sou* Bank Polytech-
nic houses the National Bakery
School and a major British oven
manufacturer has sold more
than one large scale baking
oven to Nigeria as a direct
result of one of our Niaerian
students returning home and
using lhe experience and con-
tacts. he form 3d here.

We have also had a Nigerian
student whose father and grand-
father trained in baking at
South Bank; we car. give many
example* -of -both direct and in-

direct benefits to Britain from
these continuing contacts with
overseas students.

Overseas students un-
doubtedly enrich our student
body and bring many other
benefits to the Polytechnic but
the main point Z would like to
add to this debate is a moral
one:

The increase in overseas fees
has meant that it is the poorer
students. particularly from
*■ third world " commonwealth
countries, who have been forced
to go elsewhere while it is the
sous and daughters of rich
parents and those from richer
countries who can continue to
come. Any move to aid poorer
students from the third world
end overseas students in general
will be very much welcomed
here and I hope the small re-
sources necessary to implement
tiie overseas student trust’s pro-
posals will be forthcoming.

John Beishon.

ICS. Borough Rvad. SE1 \

Back to the
Gold Standard

From. Mr J. C. D. Mackey.

Sir. — Page 25 of today's (June
24 1 issue of your esteemed and
enlightened journal provides a
clear question and suggests a ;
possible answer to the main if
not the only real problem in
the financial world today.

Anthony Harris states that in
relation to "the present crisis
of rising US. interest rates and
a runaway dollar ” fl deem this
the proWem) ..." the one
thing clear is that the present
rales don't work." 1

Michael Dixon in the neigh- j
touring columns distinguishes
between the intellectual \
academic approach of** knowing |
what " (does Anthony Harris's j
es=ay fit Sis decription?!. and f
the iuteilipent skill of ** know- 1
ing how" which is so required !
by but inadequately trained for [
in our society. j

Seriously, since the Western
World came off the gold '
!=tandard. clever people the j
world over have so manipulated
money that the West is con- |
detuned forever to inflation — 1
the rate is variable, but the |
reility is permanent — and |
interest -rates that will always i
have been higher than necessary \
because of inflation. - f-

May I respectfully suggest !
therefore, that our political
leaders acd your own highly .
influential newspaper mount a j
campaign of leadership and
persTiririn:; to return the West j-
to the goid sJandard, by. say. 1
January 155.5 — the start of the |
second half of this decade. ;
J. C. 0. Maekay, j

SI Baynam Road, 1 •

Scrcrtoofo. Kwri. ~.L.

C

HEET FUELMONITOR

Abuseof petrol puri^asescan be adding-
substantially to your company^ fuel ML •
Individualli/ the sums may not amountto
much but taken as. a whole over a year, they
can substantially boost your costs.

NpwSwanNational can reduce
UBnec^ssary .expense and ensure that petrol’
bcugbtissolely for business piloses.

AtTOKKABLE, GOST-EmOENTSOIim

Sv^NahonateHeetFuelMamtorisa* ^
uni(|ue;c^^ to control

petrol costs-AvailableTocoiripaiiies operating
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accouhtHQwever,no surcharge is levied.

Forecourt inthe count^Nb chargeis made for
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Conpaaies aod Markets

UK COMPANY NEWS

ioiianaal ijaes -vVj^iaes^

Trident lower Hut long-term confidence

A- FALL' from £4.26m 1 o £3.86m
in pre-tax profits is reported by
Trident Trlnisioit for the six
months to March 31 1982- Turn-
over nf this television pro-
gramme contractor- — its subsidi-
aries include Yorkshire TV and
Tyne Tees TV — dropped from
£54.05 m to £52.l3m.

The Playboy acquisition
resulted in a write off of goodwill
of £11.59m which was included
in extraordinary debits of
£13.1 4m against credits of
£359.000.

The directors say prospects for
the year to September 30 1983
are good and very much in line
with original projections —
a 1 wavs on the conservative side
when the Playboy purchase ,was
made.

They add that confidence in
the company's hasic strength is
reflected in the decision lo main-
tain the interim dividend at
1.2f»p net, and Mr G. E. Ward
Thomas, the chairman, is sure
that after this year of transition
and reorcamsaiion the company
will be stronger than ever.

Commenting on its leisure
interests, he says business is
building very satisfactorily, at
the Clermont, and the Victoria
continues to do well. . The com-
pany's appeal against the refusal
of a licence for the casino in
London's Park Lane will be
heard no July 26.

He says results for the year
will depend heavily on the posi-
tion it achieves in gaming, but
in maintaining an adequate com-
plement of experienced gaming
staff during the closure at Park
Lane and the Clermont, the
company has incurred heavy
costs. - -

These costs, coupled with the
very limited period of trading at
the major casinos, indicate that
overall group profits in the
second half will.be .minimal—
indeed, the company cannot
assume more than a break-even
situation For that period, he says.

Tax for the first ’six months
was £2.3m against £2.45m. Apart
from the ni.6m write-off result-
ing from the Playboy acquisition,
extraordinary debits included
unrealised exchange losses of

HIGHLIGHTS

The Lex column looks at the current position in the British
insurance industry where vicious competition from overseas
companies has been driving premiums down on, commercial
lines of business. A cheeky takeover has been launched in the
laundry sector. Yesterday morning Sunlight Laundry pitched
in with a £30m offer for Johnson -Group Cleaners' which is being
resisted by the latter's directors. Finally the column looks at
a mysterious feature of a Chancellor’s written answer last
Friday from which most, but not all, of one paragraph has
been’ expunged. On the inside pages Arthur Holden reports
full year figures and again endorses the sense behind Id's,
agreed bid which has been held up by a Monopolies Commission
reference. .

£171.000 (£369,000 gains) aod
other debits of £1.3?m (nil)
being -a. provision of £l'.7m
against film rights held, by- U.S.
subsidiaries, the profit on sale
'of assets amounting to £621.000
and exceptional expenditure
incurred in the gaming division
Of £295,000.

• comment

It has been a period of major

transition at Trident and the
halftime figures bear little
relevance to the future beyond
year end. Yorkshire TV, ' now
30' per cent held, and Tyne Tees,
20 per cent held, were . fully
consolidated for the first quarter.
There were also several weeks'
during which all three ’ London
casinos were operating. Unless
the volatile gaming profits finish

on a very high note the group
results for the year to the end of
June will show little movement
on the midyear figures. For the
coming year the group faces two
distinct scenarios. -If the
authorities continue to block
renewal. of the Park Lane licence
then, including a useful contribu-
tion from the rental of the TV.
studios ‘ and ^equipment, it Is
likely to produce something
similar' to its days as . a full
blooded television company —
around the £8m pre-tax mark.
Success with the appeal* how-
ever, would put the group in a
different ball game with the
addition of a casino which
formerly generated approaching
film pre-tax a year, A change
in legislation may permit further
appeals to be made quarterly
but continued failure points to
sale- of the Park Lane assets, in
which there- has been strong -
interest, before the end of 1962-
1983. Yesterday the shares,
dipped 2p to 71p for a yield 'of
8.7 per cent and a prospective
fully taxed p/e that leaves little
to chance at about IS.

Sunlight
bids £30m
for Johnson
Gleaners

BY RAY MAUGHAN

Problems for Wiggins Gp.
but signs are brighter

Glass Glover advances midway

TURNOVER at Wiggins Group,
contractor and developer of
estates, plunged from £30J5m
to £lS.07m in the year to March
31 1982 and pre-tax profits were
also well down at £705,000 com-
pared with £ 1.32m. The final
dividend is raised From 1.5p to
l.SSp net. for a total up from
2.5p to 3p.

These results do not include
any contribution from Gee
Walker and Slater, which was
acqutred from Newarthill at the
year-end, nor from the new com-

mercial and industrial develop-
ment programme.

A £350,000 prior year adjust-
mem has been made to reserves
in respect of contested develop-
ment land tax liabilities.

Tax for the year was up from
£71,000 to £84,000. There was an
extraordinary debit last time of
£205,000. Stated earnings per
lOp share fell from 19p to 9.5p
on a net basis and- from 20. Ip
to 10.7p on' a nil distribution
basis. On a CCA -basis, 1 pre-tax
profits were £293,000 l £755,000).

DIVIDENDS ANNOUNCED

Salma

Arthur Holden

Maurice James ....

Law Land

Moor gate Mercantile

Sonic

Tecalemit

Current

Date

of

Corre-

sponding

Total
. far

Total

last

payment

payment

div.

year

year

.... 1.35

l.l fc

2.2

1.95*-

int 1.13

Oct 1

0.S

—

2.5

.... 0.9 .

Aug 20

.0.75“

1A6 . -

122*-

.... 4

3

6

5

.... 0.75

Sept 1

1 • •

125

1

.... 1.3575

—

0.95

2ffg •

1.5 '

... 0.7

Oct 1

0.65

1

0.9 .

.... 1

_

1

1

1

.... 0.8

Aug 7

1.04 .

1.6

2.08

int 1.26

Sept 2

126

—

426

.... 1.S5

—

1.5

3

2.5 •

FOR THE six months to March
31 1982. pre-tax profit for Glass
Glover Group rose from £247,000
to £492.onn after interest charges
nf £4,000 against a £33,000 credit
previously.

Directors say the second half
has started well and are con-
fident that profits during this
nertnd will exceed ■ last year’s
£621.573.

The group, a holding company
with interests in food distribu-
tion and importing fruit and
vegetables, is raising its net
interim dividend from O.Sp to
1.125p from earnings per 5p
,-hare or 3.5427p (l.SS23p). Last
yeaT a total of 2.5p was paid.

Turnover for the period was
E24:S3m, against £1 6.02m. Tax
took £266,000 (£131,000).

..At the lime of a rights issue

In January the directors said
turnover and profits for the first
quarter were well ahead and
forecast interim profits for the
first half significantly above
those for the, comparative
-period. They said they intended
to recommend dividends for the
year tn September 30 1982 of nnt
less than 2*p net per share on
the enlarged capital.

• comment

After six yean? of record pre-tax
profits, Glass Glover has sur-
passed Itself, with doubled
interim profits. About 5 of the 95
per cent rise in turnover repre-
sents volume increase.' Tradi-
tionally Glass Glover’s turnover
is geared to the second half, but
the company has taken up the
slack on existing capacity, and

increased product range. Though
highly operationally geared this
has meant being a net payer of
interest for the first time.
Increased market share is not
the whole of it — supermarkets
have increasingly turned to fresh
fruit and vegetables as a sanc-
tuary in the price war. The
£590,000 rights issue proceeds
have all gone towards completion
of the new £lm Midlothian depot,
which is just coming into opera-
tion. Given the strategy of
becoming relatively less depen-
dent on the second half for pro-
fits. a similar increase in that
period's figures is not on. but a
full year outturn of about £1.25m
is on the cards, putting the
shares, up 6p to an all time high
of 161p, on an ex-rigbts P/E of
over 17.

Tecalemit ends £0.65m down

Sunlight Servicer yesterday
launched an ambitious £SDm
reverse takeover bid for Johnson
Group- Cleaners. 'Hie offer
.follows Sunlight's’ 'approach . ' to
Johnson a week ago which was
shunned on the basis that it
lacked "any commercial or
business merit”- '

These overtures' are the result
of a 12-month investigation by
Sunlight into the merger pros-
pects and have been translated
into a formal offer because, in
Sunlight's view, the businesses
are. complementary, because the
Industry Is being forced by <he
combined , effects Of recession
and the textile rental market’s
'growing maturity 'into ever
larger groupings and because it.
“believes its management can
achieve a better -return from
Johnson."

The formal hid found Johnson'
chairman, Mr John Crackatt,
holidaying on a boat off the
Welsh coast and the rest- of- the
board out of the group’s Liver-
pool headquarters. f Johnson said I
later that it considered the bid
to be “wholly unacceptable.”

- Sunlight is offering five
ordinary shares, 256p nominal of
convertible unsecured loan stock
and 380p in cash for every four
Johnson ordinary shares. : These
added 45p yesterday to 263 p in
"contrast to the value of the offer
of 273p per share taking ihe:loan
stock at' par and each Sunlight
share at 91p, down 6p. Sunlight
Is also offering lOOp in cash for
every 6.3 per cent Johnson pre-
ference share.

Sunlight produced . pre-tax.
profits of £22m last year and
Johnson made £4.1nt ifc the 12
months to December : 26. John-
son's net tangible assets
amounted to £22.8m at the
balance sheet date while Sun-
light was backed by assets of
£8. 6m.- On a current cost basis,
the discrepancy of the relative
size of each group becomes more
pronounced,' given that Sunlight's

col

.jl.il-

A >

■ yF' co

m

' • ? 'T : ‘ ' " : ; •/" ‘ ~ : .FtagorTayfor

Mr Ronald Barter, the chafirznan of Electrocomptwiente, wbldi
returned improved profits fox the: year: to March Sl, ms .

Electrocomponents at
£15.7m: payout raised

CCA net worth was- £10 Jm at the
end of December .while John-
son's assets are shown at £53. 3m.

It is expected that Johnson’s
shareholders - will . receive
immediately over half the com-
bined equity and an even larger
share on conversion of the con-
vertible loan stock.

The bidder /also forecasts
profits of £2.7m for the current
year, an increase of 25 per cent,
and expects to lift the total divi-
dend by a fifth to 4.05p per.
share.

. The bid will lapse- if there is
a reference to the Monopolies

imnaenns snowu pence per snare oei except wuwe uuicrwise swieu,
* Equivalent after allowing for scrip issue. t-On capital
increased by rights and/hr acquisition issues. tUSM Stock.
S For 15 months.

Trading results for the year to 31 March, 1 982

(Subject to audit confirmation)

Half year
1.10.81 to
31.3.82

rooo

Puli year
to

31.3.82

2*000

Full year
to

31.3.81

(Audited)

£’000

Turnover

42,526

78,501.

65,872

Profit before taxation

8,699

15,739

14,562

Taxation

3,706

7,060

6,860

Profit after taxation
Attributable to outside

4,993

8,679

7,702

shareholders —

Profits before extraordinary

14

. —

items

4,993

8,665

7,702

Extraordinary items

(32)

249

—

Earnings available for

shareholders

4261

8,914

7,702

Earnings per share
Increase on

4.99p

8.66p

,7.70p

corresponding period—

External sales

22.4%

192%

14.9%

Profit before taxation

12.7%

8.1%

11.6%

PRE-TAX profits of" Tecalemit
dropped from £2. 19m to £1.54m
for the year to March 31 1982
although figures for the second
half matched those of the cor-
responding period last year,
emerging at £949,000, compared
with £944,000.

In order to conserve cash re-
sources the dividend is being re-
duced from 2.0S34p to 1.6p net
per 25p share, by a final of O.Sp
(1.0417p).

Turnover foT the year
advanced from £50.84ra to
£54.24m but at the trading level
profits came through £502,000
lower at £li)9m— the group has
interests in service, lubrication
and filtration systems, garage
equipment and combustion
engineering.

The directors say the results
must be seen against the de-
cisions taken in 19S0 to reduce
costs to meet the current low
level of world trading activity
in which they do not anticipate
any marked improvement for
some time to come.

Further steps are. therefore,
being taken to improve pro-
ductivity and innovate new pro-
duct areas.

For this purpose the group
has invested some £2m in
advanced cost-reducing plant and
machinery and steps are being
taken to improve sales per-
formance and market penetra-
tion, both in the UK and
overseas.

The taxable surplus was after
taking account of higher interest

charges of £455.000 (£306,000).
Tax was substantially lower at
£104.000 (£908,000) reflecting the
relatively high level of invest-
ment in cost-saving plant and
machinery.

After takine a minority credits
of £6.000 (£69,000 debit) and
extraordinary debits last year of
£266,000, profits at the attribut-
able level were higher at £1.44m
l £950,000 ) v from which dividend
payments Will ahsnrh £546.000
lITOUiOO). Stated earnings per
share were 4.2p (3.6pl.

The directors point out that a
change in the hauls', of stock
valuation in accordance with
3SAP 9 increased the be#nre-Ux
figure by £51.000 (£275.000

decrease) and that comparative
results have been adjusted.

The £656,000 first half short-
fall at the pre-tax level was
blamed mainly on Fogautolube
being affected by customers hold-
ins off ordering after the French
presidential elections and the
combustion engineering division
suffering from low demand in
bith the UK and Germany.

Current cost accounting turns
the pre-tax surplus for the yeat
Inin a loss of £755.000 (£18G,OOQ
profit) and on the same basis
there was a loss per share ot
2.1 p (2.4pl.

• comment

Tecalcmit’s profits sagged for
the second year running and
there appears to he no sign of a
major climb back in the current

year. Pre-tax profits were 30 per
cent down dashing hopes that
last year's cost cutting would
lead to an improvement
Margins have been squeezed in
the engineering business by the
industry-wide, chase 'for work,
particularly for less sophisti-
cated products. The most damag-
ing factor in the decline comes
with the turnabout in
Fogautnlube, the French garage
equipment company. Normally
it accounts for more than a
quarter of profits but it only
just ' managed to stay in . the
black after a first-class loss.
Tecalemit claims that French
political conditions are to blame
but other companies manage
somewhat better. The other
adverse factor is the low level
of housing starts in West Ger-
many and until recently the UK
whirh has hurt the boiler
division. The good news for the
enmnanv is that sales of its
brake testing equipment have
held up. There had been earlier
fears of an end to the sufge in
orders caused by the change in
MOT requirements in 1979.
Heavy capital expenditure finan-
ced mainly by cash flow reflects
the continued move up markets
in product range and expansion
of the electronics interests. But
with the bulk of business in
mechanical engineering, the
market’s expectations are low.
The shares fell ip to close at
2Sp to yield S.9 per cent

PRE-TAX profits of Electrocom-
ponents advanced ;fronr£14;56m
to £L5.74m for the year to March
31 1982 on higher turnover of
£78.5m, compared with £65 -87m.

Stated . earnings . .per share
move<r ahead from an adjusted
7.7p to &66p -and the dividend
is being effectively • increased
from LSSp- to JL3p~net by final
of 1.35p. : -

Tax .-took £7.06m (£6B6m) end
minorities accounted- for £14,000
(nil). ExJtra ordinary credits
totalled' £249,000 (nil), being
profit on the sale of freeholds
and scrip issue :odsts; -

On a CCA basis taxable profits
emerged at £14.65m (£1255m).

At -the six-month stage the
group, a manufacturer and dis-
tributor ‘ of , electronic com-
ponents, returned taxable profits
of £7-04m (£6 .84m) from sales
£4. 84m ahead - at . £35.96m.,
Although indications were that-
sales expansion would continue,
the. directors warned that
margins and profit growth would
remain under pressure.- ■ " .

board Meetings

. The foMovring . eo pi patties -Jnva “• notf-
Cied datro -d boBrcl inBstinga .to the
Stock ' Exchange. Such - meeting* are
usually hold tar the puniosw af. con-
sidering dividends. - Official Indications
■re not .available u to whether.'- the
dividends ' era .inwnma or: finals; and
the sub-divisions ‘'shown -'?bslow' : sra
based mainly on lost- year’s: tirtiofsbl a.

■ TODAY - s *.‘ \ .

Interi m s D uma -Anderson. , . HadFand.
‘Hardys and -Hansons; HayufaV Uncroh
Kilo our. ^Throgmorton- Trust.' ‘ .

Rnals-r-Auaria. . J3P&. : - Brlckhouse

Dudley: Hovering ham; Wanmationsl
Timber,' Montague 1: Mayer, Peterson
Jsniu, Phillips Parent*: ' "V - «.•

FUTURE DATES - . ...

Interims:—;

BhftidatlrParmoglSZB Joly IT

Imperial. Ckimn tear Industries -^.TJu y 29

finals:—

Associated .Leisure July *5

Distillers ....... ... July 1 S

Fitch Lovell July 29

Hlgfigars and Job" July

Hollas July .7

. London and Midland' Industriata July 15

London Pavilion w—Juty 5

Mobrgate. invesunani TrOHT-.i.t Jufy 14

and Mergers Commission. John-
‘fion fought off a £Sm equity bid
by Sketchley four years ago with
the h'elp of ' a reference to Ihe I
Commission by the Office of Fair
Trading which centred on the
strength of the enlarged group:
fn the retail dw cleaning mar-
ket. Sunlight is ; now insisting
that the two companies are com-
plementary In that Sunlight does
not compete in this field, which
accounts for two thirds of John-
son’s turnover, while Johnson, In
turn, has not entered Sunlight’s
principal sphere of activity in
office and commercial cleaning.

The bidder is also at pains to
highlight the sharp divergence
of operating returns.- On a
current cost basis. Sunlight says
it Is making 18.2 per cent on
assets employed while Johnson is
producing only 5.2 per cent On
an historic basis. Sunlight’s earn-
ings have climbed 32 per cent
while Johnson has suffered a
35 per cent decline. Sunlight
has lifted dividends by 78 per
cent over this period while
Johhsnn's distribution has
Increased by 24 per cent.

However, Mr John Ivey, Sun-
light’s deputy chairman and chief
executive, stressed yesterday
■‘that we have to be positive in
our attitude to Johnson's prob-
lems.” Sunlight will make a
thorough examination of John-
son's activities.

" Although no guarantees can
he given. Sunlight will do its best
to minimise the number of
redundancies.” No material
changes to the dry cleaning
actiivties are under considera-
tion “although it will be
ncces-sary to improve the returns
earned on the assets employed

Mr Ivey added that " although
we have to' assess certain areas
such as costs and marketing, we
know exactly what we want lo
do with Johnson's dry. cleaning
business.”

See Lex ' !

; Extraordinary items comprise the profit on the sate of the
Reading freehold, and costs relating to the scrip issue.
Dividends and earnings per share for the previous year have
been adjusted for the 4 for 1 scrip issue made on 4th
September, 1981.

At the Annual General Meeting to be held on 6th September,
1982 the Board will recommend a final dividend of 1.35p per
share, making a total for the year of Z20p (l.95p previous -
year).

Coplesofthe Report and Accounts wilt be available from tho
Secretary, Electrocomponents pic. Maple House, 37J45 City
Road, London EC1P 1HX , from 13th August, 1982..

Receiver appointed
to Findlay Hardware

Findlay ITaniware Group, the
Sccinsh hardware distribution
business, has gone into receiver-
ship. The group announced
yesterday that, following the
break down of merger talks with
the hardware subsidiary of
Combined Technologies Corpora-
tion earlier this month, the
board had no alternative bur to
appoint a Receiver. ’
Accordingly. Mr W. M.
Brownlie of Ernst and Whinney.
was appointed a Receiver.
Findlay was already in arrears
of preference dividend payments,
the revaluation of properties

required by Comiech revealed
a £395.000 short fall against book
values and it is understood that
borrowings have rearhed some
£3m by comparison with net
assets of under £lm.

Moorgate
Mercantile up
at £0.45m

YORK TRAILER

York Trailer Holdings, the
trailer manufacturing company,
said yesterday that it will not be
possible to pay the preference
dividend due lo bo paid today.

The director; say that despite
an improvement in the com-
pany's financial position they
feel tins is insufficient

Taxable profits of Moorgate
Mercantile Holdings advanced .
from £403.000 to* £451,000 in the
year to March 31 1982 on higher
turnover of 19.36m, compared
with £8.79m.

With earnings per lOp share
of this group — which provides
instalment credit finance leasing
facilities, personal accident and
pecuniary loss and life
assurance— -stated at l.lp (2.04p)
and at 1.81p fl.48p) before ACT 1
written off, the year’s dividend |
is being raised from 0.9p to lp
net with an increased final of
0.7p (0.65p). I

• comment :

The market had expectations for
Electrocomponents. .The shares
scooted up from 120p at the
interim stage and irtood at 165p
before these figures were an-
nounced. . The company did not
disappoint Yesterday, the shares
added another 7p to -reach Tf2p..
In the face of fierce competition
and so-so demand, sales climbed
more than 19 per cent in the
year while pre-tax profits tacked,
on a 8- per cent gain. The; sales .
growth has been fuelled by tlie
company’s two-tier priee system
which encourages bulk-orders by -
offering cut-rate prices. The
effect on trading profits has been

less traumatic' than feared; mar-
gins lbstTist .two. points- in the
year to end.at l7.7 per cent. But
tworiler price systems do not a
glamour rating make.': -Hie . com-
pany' is'! hoy ?. sitting on . some
£15m in. ; Cash, just . enough to
finance- a .U.S. acquisition and
help' pay ^ for 'its relocation to
Corby, if ' the company gets Its
.timing rights But. developments,
offer good growth potential over
the medium-term. In the mean-
time, both -Radio- Bc8istor ‘ and
the .Packard, franchises appear
to be bouncing back. The mhrfcet
Is looking for £18m pre-tax this
year, which gives-the -shares a
fairly reasonable: rating of MS.
The yield is L8 per cent

Hoveringham finishes
£1.64m into the red

A SHARP downturn from pre- ;
tax profits of £2. 19m to losses of
£L64m is reported by Hovering.
bam Group for 1981. The groan
had earlier seen its profits fall
from nj9m to £465,000 at the
midway stage ■•••.■

Tax credit for the year was
£U5m against a previous debit
of £371,000. There was a minori-
ties debit of £10,000 (£14,000)

and ah extraordinary debit of
£2.51m. .

The 'group 'operates gravel,
sand^ ' limestone and gritstone
quarries arid produces’, ready-
mixed concrete. It also has
transport wastedlaposal, leisure
and insurance, interests. Turn-
over fell from £77. 17m to £7L9m
In 1981. ;

45 companies wound up

COMPULSORY winding up
orders against 45 companies were
made by Mr Justice Notirse-fn
the High Court earlier this week.
They were: —

Figuredene, A. J.. Webb &
Associates (Engineering); Tee-
tonic Constructions, Trasar
Engineering, Biggs Construction,
Rosewood Associates, Asperton,
Park Video, Sun bond.

Harwoods Business Systems,
Vanderbay, P. Turner Computer
Consultancy, boy star. Hawks-
dough Engineering Company,
CTS (European), Dntyfine, Jack
Evans (Plant Hire), Coiacent
Enterprises, Uareggub.-

Totham Investments. Mclro
Reed. The Magic Inch Pipe
Company, Covingway, Bateman

Demolition. West point Invest-
ments, Wharf shaw. Mr John
Agnis (London), William Gray
Consultants.

MDR Electronics - Co-Operative.
Savoy Editions; Southern Port-
able Gas and Leisure, 'Simon
International Freight. TV Gar-
diner (Autobody -Services),
Stone-Platt Crawley; SMmplan,
Izerplan, Circa, .:

Tiddar, Wake Bros.. (Haulage),
The House of Flowers, Hoepark
Transport, Taiboys and ■' Price.
Decqr . (Richmond}. ’ . .

Salop .Quayfisheries, Davison
Publishing.--' A- compulsory
winding up order made on May
24 against Omega Construction
Company was rescinded and the
petition dismissed by consent .

PROGRESS MAINTAINS)

rL

i

***

1 g

Alan B. Brooker, Chairman,- reports;

RESULTS

After a very good second half the fall year profit before
taxation was 24% higher at £4.45m. A final dividend on the
increased capital is recommended of 65 p per share
making a total of 9.0p, an improvement of 1 2.5%.

PRINTING

making an increasingly important contribution to group
profits Robophone is extending its range of products and
services. S

Pre-tax profit

£000

FINANCIAL AND BUSINESS INFORMATION

Burrups Printing Group had another successful year. The
computer typesetting system continued to grow and U.S.
links were established.

Financial News Services changed its emphasis towards
more intensive coverage of news. Extel Statistical Services
expanded its activities- further. Extel Computing main-
tained its position in most market areas.

ADVERTISING AND PUBLIC RELATIONS

Most areas of the Royds Advertising Group, including
financial advertising, operated at good levels of profit Extel
Public Relations attracted an impressive list of new clients.

MICROSYSTEMS AND TELECOMMUNICATIONS

Digital Microsystems achieved a rapid rate of growth and
Transtei again expanded its teleprinter marketing and
manufacturing capabilities.

THE FUTURE

. SPORTS SERVICES AND COMMUNICATIONS
■ExteJ-PA Show continued to expand satisfactorily and is

u We have a number of well managed businesses whose
prospects appear to be good and,- particularly if we can
' make further acquisitions suited to our plans, our progress
of recent years should be maintained."

Dividends per
share

■fsS

£3

%
Via c

(co

T prfr-5-
d ;

je 31 :

5 . plat' 1 * 15

So

*£ ' n r
,a n

'aw® l?

< to ->\ 1
n«« in

,1 «£H"‘
fwoflis ,rt

Hal

iftt win

i*V-.

a «ii.i

is*!*

aiffinv
jw id's

flam-

iBID!. pr
3 u hi*. ^
* fire •
a! *
atoed v
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i) aod
tsbe.n?

tai of m

f tout

Copies of the Annual Report and Accounts can be obtained from The Secretary,
Extel Group PLC, Extel House, East Harding Street, London EC4P4HB.

Financial Times Wednesday June 30 1982

jGoopanies aod Markets UK COMPANY NEWS

Solid second half at Arthur Holden

19

MINING NEWS

mentSf2£i-*SK an tm P rove ' Mr Sturge reaffirms tffcst Hhe
208 ? er wnt - ICI proposal is in iibe best-

of thP 22 ? at 018 interests Bolden*, share-

'^n L L th * e finaneial year, holders, its employees end

all market groups have been customers,

trading as expected. In view of . ^
the improved .profit now --- a ?-- or up from

mouth affair. In the wake of
2980/81’s ' ’ acquisitions, - France
Is now file base for about 50 per
cent of Holden's- turnover.
Although Mirt errand-style refla-

_ _ tion was a bonus, tbe price

^ £524,000. to £778JM0, and' after £reeze ’ and now devaluation,

“« minnnttiiD rut tTC AnA / fry nnn \ IflflSt" CPri al n)v str A HAT WMIa

SECOND-HALF pre-tax profits
at Arthur Holden and Sons
improved from £342,000 to
£819.000 and this resulted in
higher profits of £1.73m against
fu3i year <° March
3119S2. Turnover of this manu-
^cturer of lacquers, coatings,
vanishes, adhesives,
coatings,

ptiiffis and i ii rose total nf Rn *e«\

;fom f28jto : to £27.69m p an He commenierm - absorb £42ao66’’(£355 1 0ob>" 1 '‘lTa‘v- equity between them, the

increase of 16 per cent toe retained profits of £595 000 -significant stake; is the 14.9 per

; J-Stnrge, the chair- IS S (^55.000). S^ted e^i^’per cent held by ICI.- The Molopoliee

man, says fflwt at the end of frra rSon^F^nir 355 25p tf»re rose froml£86p to mA Mergers Cwmmssion is due
September 1981, after six wbiMi TBAOill&J 14*380. On a CCA baslsT^&tax «po rt by ndd-September, and

if favourable, . Holden believes

that board . and- family accept-
ances totalling 35 per-cent of the
equity will again be forth-

i* gra*P profit was
16- per cent lower than in- toe
.same period of the previous
■■yep/ but it looked forward to a
substantially better second haif.
As it turned out, it was tetter
than expected, and the full
years figure exceeded the fore-
cast of £US5sn.

In epit® off the effects of the
recession, and of intense compe-
tition throughout the industry, it
has succeeded in holding its
place in the markets served and

six which rec^ved toe i^rti; 1 ^St M(y7 _
— the directors, of emptoyl^ and proflls were «W» '
of a wide section of share-
holders.

comment

bv T u! Ja * we AfS”' Holden* attainment of coming. The company as^es that

V? .Monopo- slig^aiy better figures than those growth .in its main markets can

” Commission on foreeast at toe time of the ICI best be achieved by world wide

march 16. The investigation into bid, was due simply to a very

the public .good- March. The recent hot
a ^ sjng from the ICI weather has painted a. favour-

! ? continuing. The able picture for the company’s

report and decision of toe drink cans operation, but toe - -- — —

Secretary of State is expected to onset, of cyclical recovery is not February offer, yield 4.9 per

do published in the autumn, he yet apparent with the order book £ent, and. are on a p/e of about

says - still something of a band to 16.

operations, and that it needs- ICI
if this is to be attempted. The
shares; ‘ unchanged at 180p,/the
.price at which ICI made its

Ecobric set for USM placing

HT&iSff'ftSTK SISKS." t0 be not less r T ,*«■ • **■-

engages in demolition work is Thp^fii K , £ or financial year ending
joining the USM by wav of l WlU be “ ade September 30 1982. The deferred

ptiSat which will oroitaUs* th? 3 ®5SfJ“ ew ' ordteary £1 shares are to be converted into

EzrX- ifi*. rapnause the shares. 100,000 existing £1 ordinary shares when the pre-tax

,s:s

..-“t

^^^e^placing 7 ySl 'raise ordinary shares, and 100,000 profits of the Company .exceed

S^’boSSn^ USed ? SKS

idw22 to mS £ T °” e share.

, 9 T7 t° t 2 - 6 ? 1 in the The easting ordinary and
last September. Pre- deferred shares are being sold

Profits “jhe same period bv Ecobric's chairman and — — «- —

? 0 d « e t £ ci . t 0/ J193.780 managing director Mr Leslie make 8 totaJ for toe

mend a final dividend of 7.3p per
ordinary share for the year end-
ing September 30, which together
with the interim of 3.2p will

in 1977 to £313,568 in 1981. For
(he six months ended March 31
the company earned £116,070 on
sales of £1.4m. It forecasts pre-
tax-profits for the year ended

Jones. Following the placing, Mr
Jones will hold 24.13 per cent of
the issued ordinary shares and
85 per cent of the deferred.
The existing ordinary shares

year.

Dealings in the shares are
expected to begin next Wednes-
day. Ecobric's stockbrokers are
Sternberg, Thomas Clarke & Co.

Hahna mores ahead to £1.7i

IN LINE with Raima's interim
forecast, it has reported taxable
profits of £1.71m in the 53 weeks
to April 4, 1982, compared with
£1.28m for the previous 52 weeks.
Turnover advanced from £14.l9m
to £16.49m.

. .Earnings per lOp share of this
group ’ which makes safety
-systems, fire and environmental
control equipment and
specialised engineering equip-
ment,. are stated higher at 5.19p
(483p adjusted for one-for-three
scrip) and the year’s divi- .
dead is being raised from a re-
stated 1.218 p to L461p net with
•a final of 0.9p (0.75p adjusted).

The,: directors say the group

demonstrated a strong cash flow,
after investing £532.000 cash to
purchase Hanovia Group and a
further £626,000 on capital ex-
penditure. The group's cash
balances increased by £l.3m to
£2.33m at the year end.

Trading profits rose from
£L41m to £1.75m and pre-tax
profits included interest received
of £12,000 f £86,000 paid). Tax
took £707,000 (£344.000) and
minority debits amounted to
£5.000 (£2,000).

Extraordinary debits came to
£293,000 (£44.000) largely .re-
presented by losses on the sale
or closure of three, businesses
which were underperforming' and

were outside the group's main-
stream activities.

The results of these companies
were consolidated into the group.,
taxable profits up to the date of
their sale or closure. The extra-
- ordinary debits include a provi-
sion for all the costs' associated
with the closure of toe Standard
and Pocbte fan business although
these- costs were incurred after
the year end.

Current cost adjustments re-
duced toe pretax profits to
£1.39m (£984,00p).

At the half-year stage, toe
group was already ahead with
taxable profits ' of £837,000
(£678,000) and turnover . of
£&02m(£7.12m).

• 5

Bridgend

recovery

delayed

A reduction from £253,000 to
£221,000 in its pretax losses is
reported by Bridgend Processes
for 1981— at haifway, toe losses
were down from £99,861 to
£85,234. Sales of this holding
company with . interests in
development and exploitation of
plastic technology, manufacture
of electronic. products and distri-
bution of security products,
improved from. £543,000 . .to
£1.05m.

The directors say toat in the
light of the losses over toe last
few years, this delay in recovery
lias had a more -substantial
impact on the groups financial
position-

At the time of the interim
statement last November, the
group was on course to move out
of a . loss-making situation in
1982. However,, toe dislocation
caused by bad weather in toe
.installation sector at the begin-
ning- of. 3,982 led to a reduction
in turnover in toe first quarter
of toe current year. This factor,
added to toe postponement of
certain large orders which were
hi toe pipeline' for toe plastics
division, has set bade toe group’s
recovery! by some months.

No tax was payable in 1981
against £2,000 toe previous year.
There was an extraordinary
credit nf £340,000. (£258,000).
being Jail payment to the group
.on sale .of . three subsidiaries.
Ibis resulted in an available
profit of £119,000 (£4,000). Stated
loss per 5p share was 0.6p (0.7p).

RESULTS AND ACCOUNTS IN BRIEF

• JAMES BURROUGH (distiller of Boef-
MMr 9(5 and Borzoi vodka) — Rasirfts
■ foryur to February 38. 1982. and pros-
pects reported June 11. Qroop fixed
assets £7. 76m (E7-9m); net current
assets £5. 73m (£4. 76m) including bank
aed cast) balances £4. 83m f£2.0am).
SbmbcMafs' turoH CV2.08m (tVl.fBm).
locieaaa in working capital D 87m
(£0.23in) . Meeting: Connaught Rooms.
VfC. July 14. m 12.15 pm.

WEST BROMWICH SPRING — No
ordinary dividends' (same) for 1981.
Tumovar- £2. 37m (£3.86m): pro-lax

profit £13.000 (£22000). after interest

04.000 (£5.000) and exceptional debit
£80,000 (nil). Tax CD7 £14.000
(£10.000 charge).

. -DAVENPORT KNITWEAR — Results for
1981 reported May 25. Shareholders
funds £3 3m (£3.47). Fixed assets
£539,000 (£569.000). Current assets
fl.TOm (Cl .02m J. Currant liabilities

043.000 (£801.000). increase in net
Kquid . funds £191,060 (Cl .42m).
increase in working capital £257,000
(£891,000). Chairman saya higher divi-
dend reflects financial strength end con-
fidence in the future. Meeting!
Leicester, August 27. 11.30 im.

JOHN BEALES ASSOCIATE!? COM-
PANIES (clothing maker) — Results for
year to March 19 reported June 12.
Fixed assets £1.59m (Cl -78m). Current
assets £5.11 m (£4.37m). Current lia-
bill lifts £1.72m (£1.27). Increase In
net.- liquid funds £285.000 (£1 -35m)

capital decreased EI.SBm f£1J8m)..
Meeting, Birmingham. July 21. noon.

BOUSTEAD * (commodity trading,
Im oort/ax part, engineering, insurance)
—Results lor 1981 reported April 21.
.Fixed assets E8.41m lte.92m). Current
assets. £29.07m. (£2l.71m). Current
liabilities £21 .97m Ifl7.74m). increase
in working capital £3.41 m (El -34m
decrease). Chairman sees encourag-
ing signs of increase in activity,
except in Australia, but world econo-
mic considerations remain uncertain.
Meeting: Westbury Hotel, W1. June
24, . noon.

UNITED ENGINEERING INDUSTRIES
(investment holding company)— Results
far year to January 31 1982 reported
May 72. Shareholders funds £20.11m
(E9.58m); medium term loans £4 .21m
(E2J9m); fixed assets £16.51m (tern);
net current nesau £9.D5m (£6.1 1m)
including bank overdrafts €8.17m
(£2-29m): decrease in net liquid assets
£2_22m (£745.000) Meeting; Con 7

naught Rooms. WC, July 15. noon.

METAL BOX (packaging containers,
central heating equipment) — Results
(or the year to March 31, 1982, and
prospects reported June 8. Share-
holders' funds £317.34m (£295. 69m). '
Fixed assets £380. 04m (£305. 14m).

Net current assets £1 15.99m (£121 ,8m),
including bank and other borrowings
repayable in one year £100 -3 6m'
(£86. 05m). Increase . in working

_ capital £6.31m (£19.84m decrease).

Increase In working capital £53.000 Meeting: Plaieterars Hall, EC, July 22.
(£1A5m decrease). Meeting: Hotting- ’ „i noon.

heme, July .16, noon.

ROWLINSON SECURITIES (builder,
civil engineering contractor and
property developer, formerly Rowiinson
' Constructions Group) — Result* lor y ear
- to. January 31 repo rted June 5. Fixed

assets £628 000 (EB79.000). Current . .

asseta £2.71 m (£5.42mj. Current lie- . £0.6m (£2.26m decrease).
. bilftha £4Jm (£4.54m). Shareholdere’
funds £8 .42m (£7.72m). grease •"
working capital £2^m (£31,000). Meet-
ing: Stockport. July 15. noon.

H. SAMUEL (multiple retail jeweller)

Results for year ended January 30
1982 -already known. Group fixed
Bidets £26.63m (E25.83m); net current
assets E2B.71m (£25. 82m): stocks
£29.12m (£27.56m); shareholders

funBi E54.28m (£S2.55m). Working

WGI (construction end engineering)
Results ior year ended March 28,
1982. and prospects reported June 15.
Group shareholders' funds £10. 92m
(£11 .64m). Fixed assets £8L67m
(£8.75m). Net current assets £3.43m
(£3.74(11), Working capital increased
Company

proposes to change its name to
“West's Group nrtemationaF.'' Meat
ing. Ironmongers 1 Hall. EC. July 21.
11.30 am.

PEGLER-HATTERSLEY (domestic

plumbing and heating fittings. Indus-
trial valves) — Results lor the -year to
March 27, 1982, reported June 10.
Shareholders' funds £93-96m
(£86. 79m). Fixed assets £22-08m
(£20 29m). Net current assets £80. 82m

(£56. 53m). Decrease in liquid funds
£530.000 (£17.B9m increase). Capital
commitments contracted fpr - £ 2.3 7m
(£422.000). not contractad for £390,000
(£725,000). M eating: Grand Stand;
Doncaster Racecourse, July 20. noon.

BURNETT & HALLAMSpiRE HOLD-
INGS (mining, oil and property) —
Result® for year ended March 31 1982
reported June 23 in fun 'preliminary
statement. Group equity funds £77.1 m
(£47.23m). Medium and long term
debt £20.05m (£2.5m). . Fixed asaets
£11 5.05m (£38. 24m). Net current assets
£2.95 m (£15.11m) including -short term
debt £31.41itt f£1-.13m). * Nat outflow
»(. funds £10.25tn (ETQ.am. Inflow).
Meetinq. Sheffield. July -15. noon.

CAPITAL A COUNTIES (property
investment and trading, housebuilding)
— Results for year ended March. 25 1982
reported May 27. Auditors have
qualified accounts In respect of £7.5m
provision made In full by the directors
against a possible claim from the
inland Revenue. Auditors say it is . not
possible at this time to ascertain the
amount of liability. If any. and accord-
ingly they are unable to express an
opinion on whether, and if so, in what
amount, suoh . provision my be
exce ssive. . Total, assets employed
£228.31 m (£184, 32m 1 ) Including property
assets £200.9T(ri (£164.61 m).' Ordinary
shareholders' ' funds £159.81 m
(£136. 46m). Meeting, St Andrew's
House, 40 Broadway, SW. July 1G.
noon. p

ALPINE SOFT DRINKS— Results for
year anifad Match 27 1982 and pros-

pects reported June 17. Shareholders’'
funds £5.44«n (£4/87m). Fixed assets
£5 ,23m (£4771 m). : Net current assets
£476.000 (£330.000). Working capital
decreased £206.000 (£191.000). Increase
in short term deposits, and cash
£342.000 (£256,000). • Meeting, Birm-
ingham. July 22, noon.

.BOOTS- COMPANY— Results lor year
ended March 31 1982 reported May 28
in full "preliminary statement. Current
cost pre-tax ■ profits £81.7m (£93.Bm)
against historical . £1 24.7m (£121 Am).
Capital expenditure £82i)m (£66. 8m) .
Group .shareholders' funds £586- 8m
(E522.8m).. Fixed assets £397,6m
(£340. 6m). I nveetnaehts E53.5m
f£S0.9m). Ner current assets £141 .fim
(£1 38.1m). Capital commitments
£44J5m (£7D.5m). Net" cash "and short-
term -investments decreased £38.7m
(£8.3m).- Meeting. Chartered Insurance
Institute; EC,: Joiy 22, « 11 am.

HOLT LLOYD ' INTERNATIONAL (car-
care product*)— flesubs lor year ended
February 27 1382 i and prospects

reported 'May 14.* Group fixed assets
£5.25m (£4-52m) , -Net current assets
£9.48m (£9J34«n). Shareholders' funds
£15, 24m (n3.96m),. Net borrowings
increased £463.000 (£857.000 decrease).
Meeting, Wllmslow. Cheshire, July 21.
at 3 pm.

WJNTERBOTTOM SNBlGY TRUST—
Net asset value at dose of business
on June 25 1982 was B3.5p after prior
chsoges at pm. sod 56JZp after prior
criers es at (nerket value'.

Churchbury
Estates
well ahead
at £0.92m

By V/iliiam Cochrane

FOLLOWING LAST year’s
reverse takeover of toe Law
Land Company, Churchbury
Estates has produced preliminary
results for 1981-S2 which tally
with stock market expectations—
when accqunt is taken of year-
end provisions.

Pre-tax profits for Churchbury
incorporating a £707,000 con-
tribution from Law Land for the
period from lasrt August 11 — ' ‘
are £920,000, against City targets
of around £900,000, and £555,000
for Churchbury alone in 1980-31-
Churchbury had to bear heavy
interest charges in the course Of
the Law Land acquisition.

Law Land's profits emerge at
£lJ23m before tax for the 15
months to March, against the
previous board’s forecast of
£lJ!m for toe year calendar 1981.
However, Law Land took dealing
losses In toe final three months
of the period, and Churchbury is
careful to say that Law Land
“ came close ” to achieving its
forecast".’ ■ ■

Churchbury, therefore, - is
honouring Law Land's -corre-
sponding dividend forecast of 2p
for 1981. But since earnings per
share for the full 15 months to
March 'were lJ5p a share for
Law Land, including dealing pro-
fits, no additional dividend 1 is
recommended for toe final
quarter.

In future, say Churchbury
chairman Oliver Marriott and
Law Land chairman and chief
executive 'John Evans, it is
intended to relate dividends of
both companies to profit on
investment activities. In each
case, this profit Is expected to
he ‘ “ substantially higher ” in
198283.

The provisions apply at
balance sheet level where fully
diluted asset values work out at
SlOp per Churchbury ordinary
share and 144p per Law Land.
These compare, respectively,
with outside estimates of 860p
to 870p for the new parent, and
134p per Law Land, based on
last year's takeover defence
forecasts.

Again in both cases, pro-
visions against potential tax
liabilities explain much of the
difference. In the UK, there are
capital gains tax provisions oh
planned sales ' of £2m for
Churchbury and £L3m for Law
Land. In Belgium, Mr Marriott
told the Financial Times, a
£1.7m provision has been made
for Belgian TAV (the equiva-
lent of value-added tax) against
possible property disposals.

Difficult year ahead for
South Africa’s mines

CPI Holdings
sharpy down
at midyear

FOR THE six months to March
3L 1982 CPI Holdings, an Irish
subsidiary of Marley, returned
sharply lower pre-tax profits of
Ir£247,000 compared with
Ir£870,000 previously. Sales
edged ahead to £21.89m against
£21J29ni, hut trading profits Jell
back from £1.14m to £516,000.

The directors say' the results
were affected by the severe
winter weather, although they
report .some improvement .in the
performance of . the group's
operations in recent months.

They add, however, that
reduced consumer spending, as a
result of increased tax and high
interest rates, is continuing- to
depress activity in the construc-
tion and associated industries.

Half-year tax took £123,000
£309,000), leaving the net 'figure
at £124,000 (£561,000) — equiva-
lent to stated earnings per share
of Lip (4.6p). The interim divi-.
dend is held at.lp.

by GEORGE MILUNGfSTANLEY

THE MAJOR industrialised
economies of toe world have
seen the fuming point of the
economic cycle, and the upswing
has started, Mr Lynne van den
Bosch told the South African
Chamber of Mines yesterday.

Nevertheless, the recovery will
be gradual, and the South
African mirting industry must
.expect to face severe difficulties
for the rest of this year, accord-
ing to Mr van den Bosch, presi-
dent of the Chamber.

He told the Chamber’s annual
meeting in Johannesburg that
toe industry should be able to
lobk to a gradual improvement
in mineral export earnings from
next year onwards as toe
industrialised nations move out
of toe current recession.

Mr van den Bosch said he
believed the South African
Government .could htep toe
i ndustry by -adopting a more
positive policy towards the
promotion of exports.

This assistance should take
toe form of a recognition of the
cyclical nature of economic
events, and an attempt to take
this into account when making
financial decisions and planning
future developments.

The chairman, conceding toat
he was speaking with the benefit
of hindsight, referred to toe
mistakes made as a result of toe
euphoria engendered .by the
enormous increase in mineral
export revenues in 1980.

In a farther reference to toe
role the government could play
in advancing the cause of the
industry, Mr van den Bosch
made a not unexpected com-
plaint about the recent imposi-
tion of an increased tax
surcharge on gold mining com-
panies.

The industry, he saftd, is
strongly opposed to levies of any
kind, even when they are to be
used to finance toe state

assistance scheme. AU taxpayers
should be required to fund this
scheme, -as toey all derive
benefits from a healthy gold
mining industry.

The chairman said that the
past year had seen a sudden
and dramatic reversal <r£ fortunes
for the industry, as mineral
prices no longer managed to
advance at a rate which out-
stripped toe prevailing rate of
inflation.

This ted to a decline of 8.3
per cent m the value of mineral
sales, with export sates down by
more than 12 per cent Diamonds
fared worst registering a fall
of 38.5 per cent in value, with
gold sales declining by 17.5 per
cent.

-The balance was redressed to
some extent by the strong per-

formance of coal, where exports
increased in value by no less
than 42 per cent.

So far as gold is concerned,
the lower average price resulted
in an increase of almost -half
in the amount used in gold
jewellery, and Mr van' dOP
Bosch experts as increase' to
above 800 tonnes toss year.

Be went on to say that current
demand suggests that \ the
physical market can absorb hew
production comfortably, which
could provide a firm foundation
for a renewed upward trends in
the gold price.

Mr van den Bosch, who has
now completed bis year of office
as president of the C-h-amber,- is
to be succeeded by Mr W. W.
Malan, technical director of the
Anglovaal group.

Approval for development
of Jabiluka uranium

THE DEVELOPMENT' of toe
huge Jabiluka uranium deposit
in Australia’s Northern
Territory came a step closer to
reality yesterday with toe
announcement that the local
Aborgines, traditional owners of
toe land above the orebody, have
given their approval to the
project.

The representatives of the
Aborigines, toe Northern Land
Council, initialled a draft agree-
ment with Pan continental Mining
earlier this year, but this had
still to be put to toe individual

members for their approval. -

Pancontinental has 65 per cent
of the joint venture set up- to
exploit Jabiluka, with the
remainder in the hands of Getty
Oil of the U.S.

The Federal Government gave
toe project its approval in March,
conditional on the partners
reaching agreement with -toe
traditional owners. The joint
venture has still to satisfy the
government requirement that
uranium ventures must be owned
as to at least 75 per cent -by
Australian interests before mitr-
ing can start.

Peru industry
claimed to be
near collapse

FALLING WORLD metal prices
have brought the small- and
medium-scale mining sector in
Peru to the verge of economic
collapse, according to Mr Javier
Barco Sara via, president of toe
Peruvian Miners' Assdctetiori. •

The association groups 70
mines, employing 37,000 of toe
country’s 70,000 mineworkers.
Between them they account for
more than half of Peru’s annual
output of 43m oz of. silver,

437.000 tonnes of zinc and

170.000 tonnes of lead, and a
small proportion of the country’s

330.000 tonnes of copper.

Mr Fernando Belaunde Terry,
Peru's President, intends to pro-
pose to Canada and Mexico toat
the three countries should com-
bine to suspend silver exports
for three months.

This action would, however,
only suceed in bringing about a
recovery in prices from the pre-
tent extremely depressed level
if toe U.S. agrees to suspend
salse from its reserves, he added.

YEARLINGS

The interest rate for this
week's issue of local authority
bonds is I3£ per cent, up' an
eighth of a percentage point
from last week and compares
with 13} per cent a year ago.
The bonds are issued at par and
are redeemable on Jnly '6 1983.

A full list of issue will be pub-
lished }zr tomorrow’s edition.

LONDON TRADED OPTIONS

- J

ury

Dot.

I Jan.

Option

EX'rdse

price

Closing

offer

Vet.

Closing

offer

Vcl.

Closing

offer

vol.

Equity

close.

BP (e)

280

18

5

r_ aT

2

-

1

|292p '

BP (c)

7

9

IB

—

■tug

BP (o)

5

; MFN

Ki

—

BP (p)

280

4

.Hi]

■9

f

BP (p)

300

14

m

n,

BP ip)

330

40

4

44

46

■

CU (cl

120

13

1

17

22

—

13 Ip .

CU(o).

130

6

3

12

3

17

CU (e)

160

Us

—

3ls

B

330

16

_ ‘

25

35

1

532 p’

330

14

20

27

2

32

• n

Cons. Gld(p!

360

32

10

42

—

52

—

CtWs. (e)

70

10 -

1

14

—

17

7Bp

Ctlds. (c)

80

5

—

7

10

10

—

M _

GEC (c)

850

122

3

140

175

»eip ■

GEO (c)

72

2

■Tv*

133

GEC (c)

950

34'

27

64

98

_ ..

GEC (p)

900

5

13

16

25

—

GEC (p)

950

16

7

32

42

Grief Mat. (cj

194

33

1 .

36

42 '

225p

Gr*d Metre!

• 820

10 :

13

15

21

Grid Met. (el

240

2

—

r„ 6

29

10

”

arid Met. (p:

214

. 4

- — -

_ aij

10

11.

.

Grid Met. (Pi

220

6

— *

• 13

20

16

-

' „

Grid Met (p;

- 240

17

2

23

3

27

ICI (o) -

17

4

26

4

. 36

310p"

icito)

330

■ 4 .

— «

14

4

20

—

1CT(P>

• 300

5

10

11

1

14

^ •

ici to)

330

6

26

—

30

—

Land Sec. (c)

280

3

12

3

23

270p

Mks *8p.(c

.140

19

—

22

1

26

157p

MKs*Sp-(o:

160

4-J*

—

8I3

46

14

—

Shell (c)

530

68

—

72

2

—

392p

Shell (cj

360

38

4

44

—

Shell, (c)

390

12

30

20

—

28

B

'

Shell (c)

420

3

2

14

4

20

— ,

Shelf to)

460

Us

—

5

IS

10

Shall (p) .

360

3

•—

6

56

—

. —

Shed (p)

390

9

40

16

—

24

8hell (p)

480

30

41

40

—

46

—

«»

An gust

November

February

Barclays to)

360

27

—

35

—

45

2

Barclay* (c)

390

7

—

18

1

87

Bare leys (p)

383

15

10

30

■

37

■j-

1

Imperial (c)

80

26

15

7is

—

—

—

!B5p

Imperial (c)

90

lSlz

75

17is

3

20

Imperial to)

IDO

a

451

111*

61

14is

39

Imperial (p)

too

2H

11

6

—

Lasmo (c)

280

30

3

42

- —

• -

297p

Uu, mo (c)

300

17

.. 10

32

—

50

Lasmo (a)

330

6

18

20

-

33

—

Lonrho to)

60

■ 12

.

14 ‘

a

15

70p

Lon r [to (c)

70

41s

53

7is

30

9‘z

50

Lonrho to)

80

US

■ 3

3i*

65

Shi

13 -

Lonrho (pi

70'

3

20

5

—

7

Lonrho (p)

80

10

20

11

20

13

' .

RacaT(ci

360.

93

2

108

—

— :

450 p

Raoal (c)

420

33

23

60

2

73

Racai (c)

460

9

- 19

30

1

45

’

Racal (p) .

420

7

6

16

26

23

-

• •

RTZ (c)

360

26

11

42

9

50

6

369 p*

RTZ (c)

390

8

10

24

70

35

RTZ (p)

360

14

—

20

25

VI

RTZ (p)

390

30

2

42

—

50

RTZ (p)

420

&3

4

64

—

74

Vaal Rfs. fc)

40

2Ie

£

4

Sis

10

540

Vaai Rfs. (p)

40

3

—

512

—

61*

10

i compliance with the rOQUiremenls of
tpe Council of The Stock Exchange. - ;

ttdDesnotconmLneaninvjta^tolf^Pubfictosuhscrlbefor

or purchase sny securities.

Currency Fund Uiinfed

teotiseef

---£' "

- 100 Managfin^Sharestrf£Jeacii

V:> 9&9D0 Unclassified Shares dll? each .

of which there were in issue a t -

23rdJune,1982:

•- as Participating Redeemable Preference
ShajBSOflpeach

100,000

Issued and
fully paid
£

100.00

1.32&59

1,42559

-^«9ttsasassisq»»'--. i

ys»8 Ssass?^

.> • Bankets to tfw' Introduction

JLHemyScteo de^WW&P al * nrte<,

V: > 12Q, CTiefipsIcte, 'Logdon EC2V6DS

or-

Cazenove&to-

50R1 June,1S8&/ •

Three years ago Burnett- & -Haflaznshire
was a UK. opeatmg eompany generating
piD&sJTefb^ Thtpugh mlernal growth *

■A and substantial investment since 1979,

ntemal growth . J

r, Burnett 0 .

v ^^HallamshirK lis'xiow ati international minings «<;/'• -. Jy

^ eaexiaF Gioup operafiqg'

world-wide land dnuemthur nmftfs tn

m

& %

* &

world- wideband generating pro fit s in

- 1 -

'^^."fiSmffiCTSBBenathatlahMl^^ - . ^ ;

•t*$k 1 g^dict^furthg substantial growtii v . ;■ ■*>'". 'J

^ realisation^of- toe - -n -

.-v - ri -’X ■ P 0 ® 01 ^ of ourjapanded iratnirces in toe

. vv.-»r.. :. - currentyearandbQioncL .

3I&.

% -

S*'

amtnmg

■PROPERTY
•OIL'
♦ADMDSIISrRAIIVE.

Chairman

.w,, .1

•V

■JAtr: A ? Vvm
.ft*-

■ *•■-?-« 'Av'

urnett ,
Hallamshire

Awnnmgc^^

IKPSalterLane Sheffield SU SYS

HNALRESUETSid 3I Match

1982

£00CTs

1981

£000*5

Increase

GrotptufDQger

190^83

9W09

95%

Profit before ta 'tsoa

. 2J,700

12,463

74%

♦Earnfegsper share -

116p

U32p

2%

Dmdcndper share -

14p

IL25p

24%

Capital employed - - —

114,139

49,999

128%

m

32%

.

£

v

Z7_

20

Financial Times .Wednesday. . •>:

Company Meeting

THE

SCOTTISH AGRICULTURAL
SECURITIES CORPORATIOH
p.l.c.

The Forty-ninth Annual General Meeting of Shareholders of The
Scottish Agricultural Securities Corporation pJ.c. was held within
the Registered Office of the Corporation on 29 June 1982. Mr John
B. Burke, Deputy Chairman of The Royal Bank of Scotland p.l.c.
Chairman of the Corporation, presided and. in moving the adoption
of the Report and Accounts, said:

The continued high level of interest rates has once again caused
a reduction in the number of applications to the Corporation. It
did not prove possible to hold the lending rate of 15% which was
in operation at the beginning of the financial year. In September
the increase was restricted to but in December circumstances
dictated that the rate be raised by a further to T$%. In .March
a reduction of 4% to 15}% was made, bur since then the JeveJ of
races in the long term 'market would not have permitted the
Corporation to borrow at this level. I should perhaps explain that,,
unlike Government Stocks, the Corporation's Debenture Stocks do'
not enjoy exemption from capital gains tax if held for more than
one year, with the result that there is a differential yield of around
1% between the Corporation's Debentures and Government Loans.

(n the expectation of lower interest rates generally and the willing-
ness of the Joint Stock Banks to lend for terms as long as 25 years,
farmers are naturally reluctant to borrow at a high fixed rate of
interest. The upshot has. been that in the past financial year
premature repayments of £1,151,000 exceeded new loans by £817.000.
The balance of repayments, in fact, almost fully compensated for
the redemption oF the Corporation's £lm 6% Debenture Stock,
leaving bank borrowing at only £90,000 higher than at 31 March
1981. The retained profit of the Corporation despite the repayment
of the 6% Debenture Stock in July rose from £265,000 to £305,000.
After the disastrous year of I960, 1981 was a much better year for
farmers although the damage caused to the financial position in 1980
will require a further year or two of good returns before recovery
is complete. The 1982 EEC price review will certainly assist in the
sectors affected by the review.

This Meeting is the last which Mr Macmillan and Mr Pattullo will
attend. I would like to express my appreciation of the work they
have done for the Corporation during their years ■ of office. To
replace them it is proposed to appoint Mr James M. Stewart a
General Manager of Clydesdale Bank p.l.c and Mr John F. Wilson
a joint General Manager of the Bank of Scotland whose presence on
the Board wi!!. I am sure, be of benefit to the Corporation.

Mr McTurk, the Manager and Secretary, and the other members of
staff have continued to give excellent service to the Corporation
during the year and 1 would express my thanks to thenu

1 •

BASE LENDING RATES

A.ELN. Bank 12}%

Allied Irish Bank 12}%

American Express Bk. 12}%

Amro Bank 12i%

Henry Ansbacher 12}%

Arbuthnot Latham ... 12}%
Associates Cap. Corp. 13 %

Banco de Bilbao 12}%

BCCI 12}%

Bank Hapbalim BM ... 12}%

Bank of Ireland 12}%

Bank Leumi (UK) pic 12}%

Bank o£ Cyprus 12}%

Bank Street Bet' Ltd. 13} %"

Bank of N.S.W 12}%

Banque Beige Ltd. ... 12}%

Banque du. Rhone et. da.

la TtonifieS-A. 13 %

Barclays Bank 12*%

Beneficial Trust Ltd. ... 13}%
Bremar Holdings Ltd. 13}%
Brit Bank of Mid. East 12}%

I Brown Shipley ..✓ 13 %

Canada Perra't Trust— 13 %
Castle Court Trust Ltd. 13 %
Cavendish G’ty T'st Ltd. 14 %

Cayzer Ltd. 12*%

Cedar Holdings 13 %

l Charterhouse Japhet... 12}%

Choulartons 13 %

Citibank Savings IT12J%

Clydesdale Bank 12}%

C. E. Coates 13}%

Conun. Bk. of Near East 12}%
Consolidated Credits... 13 % -

Co-operative Bank *12f%

Corinthian Secs 12}%

The Cyprus Popular Bk. 12}%

Duncan Lawrie 12}%

EagU Trust' '. : l2}%

E.T. Trust ' : 13 %

Exeter Trust Ltd. 18}%

First Nat. Fin. Corp....- IS- %'
First Nat. Secs. Ltd.... 15 % :

Robert Fraser 13 %

Grindlays Bank J12}%

O Guinness Mahon 12}%

■ Hambros Bank 12*%

Heritable & Gen. Trust 12}%

■ Hill Samuel ...—,,...§121%

. C. Hoare & Co fl2}%

Hongkong & Shanghai 12}%
Kingsnorth Trust Ltd. 14 %
Knowsley & Co. Ltd. ... 13 %

Lloyds Bank - 12}%

Mail inhall Limited ... 12}%
Edward Mans on & Co. 13}%
Midland Bank 12}%

■ Samuel Montagu 12}%

■ Morgan Grenfeil 12}%

-•National Westminster 12}%

Norwich General Trust 12}%

... P. S. Refson & Co 12}%

Roxburghe Guarantee 13 %

E. S. Schwab 12}%

Slaven burg’s Bank ..>12}%
Standard Chartered — 1[12}%

;Trade Dev. Bank 12}%

Trustee Savings Bank 12}%

' TCB 12}%

United Bank of Kuwait 12}%
Whiteaway Laidlaw ... 13 %
..Williams & Glyn's .... 12}%
Win trust Secs. Ltd. ... 12}%
Yorkshire Bank 12}%

■ Members' ol* tha Accepting Houses

Xo mm i nee. . . .

* J-day deposits 9.5%, 1 -month

9.75%. Short term £8.000/12
month '12.1.%.

t 7-day deposits on sums of: under
rr o.ooo gyn,. no.ooo up to
£50.000 10M&. £50.000 end over
-TVS. - - ■ 1 ■ *

4 . Cell deposits • B. 000 end over
91 ;%.

11 21 -day deposits over ET.000 TOYSt.
§■ Demand deposits 9**%.

% Mortgage -base-; rate, -

HI. J. H. Nightingale & Co. Limited

27/28 Lovgt Lane London EC3R ’8EB

Telephone J0J-621 1212

1961-32
High Low
120 120
130 100
75 62

P/E

51

33
223 187
110 ICO
265 240
104 60

131 97

83 39

78 46

1 02 33
110 ICO
113 94
130 108
334 230

72 51

222 154
16H 10
80 68
44 25

103 73
263 212

Company

Ass. Brit, Ind.. Ord..—
Ass. Brit. Ind. CULS...

Airsprung '. .V

Annitage & Rhodes.. v*.

Sardon Hill

CCL 11 pc Conv. Pref...~
Cindico Group .........

Deborah Services .....

Frank Horsell '.

Frederick Parker

George Blair _

Ind. Precision Castings

Isis Conv. Pref.

Jackson Group

James Burrough

Robert Jenkins

Scruttone "A"

Torday & Carlisle

Twin/ort Ord

Twinfock 15pc UL5

Unilock Holdings

Walter Alexander ......

W. S. Yeatas

Brice Change
130 .

128
■ 71
43
223
HO-
265
60
129
74
53

*■ 1 '

;+ 2

- 1

107xd —

105 —

117 —

230 —

72 + 1

155 —

154 -

79 —

25 —

83 —

235 —

Grtra* YMd

Full y

div.(p) %

Actual raxed

£.4

5.3 ■

10.9

13.4

10.0

7.8

• 6.1

8.6

8.1

13.9

- 4J3

10.0

3.6

. a.i

9.7

4,3

10.8

13 2

1S.7

14.3

ZB.4

10.0

10.7

12.0

6.0

.10 JQ

3 0

5.6

6.4

5.0

' 17.6

23.9

6.4

8 6

£8

7.2

•—

—

7.3

74

7.1 ‘

10.7

10.7

147

7.5

•7.1

3.2

6.7

9.6

8.3

8.5

9.5

31.3

13.6

3.2

8.1

5.7

7.9

9.4

11.3 -

11.4

7.4

7.0'.

11.9

—

-MM

.

.15 0

19.0

_

3.0

12.0

■1.5

7.6

6.4

7.7

5.5

9.7

14.5

. 6.2

62

12.3

Prices now available on Prestaf page 48T48.

Futures Markets ~
their commercial uses

Exchange and Interest rates .

Stock efficiency and Financing;

Pricing and Budgeting

use of the wdstinc and developing Futores Markets can ofTcr
advan tage d winch, atfirat saght, might not be apparent.

MSPGa ntocr

MCBRACKENBUBYANDCOfEstlSfiO
19StMary-at-H21 LondonEORSEE'
Tckphone0t-d235701 Teles; $$3304 -•

THE THING HALL
USM INDEX
125.0 (-0,3)

Close of business 29/6/S2
Tel: 01-638 1591
BASE DATE 10/11/80 100

LADBROKE INDEX

Close 552-557 (+9),

Companies and Markets BIDS & DEALS

. --T J

Nimslo
takes
12% of
Berkey

coffee producer

Nimslo International, the 3-D
camera company set up by
inventors Dr jerry Nims and Mr
Allen Lo, has bought a 12.1 per
cent stake of Berkey Photo Inc-
An investment of 601,170 shares
was purchased by Nimslo in
Berkey for cash at a price of
$3.75 per share.

As a result of the transaction,
Nimslo becomes the largest
single shareholder in the com’
pany.

Shares of Berkey Photo are
traded on the New York Stock
Exchange. Berkey, whose activi-
ties are' photo processing and
wholesale and retail distribution
of cameras and other photo-
graphic equipment, reported
revenue of S182m for the 1981
financial year and net income of
32.6m. It employs over 3,000
people in 10 regional processing
plants in the U.S.

Nimslo said that its consumers
are shooting about 40 per cent
more pictures than Nimsio
originally forecast The group
said that it is on, schedule for
(he number of printers needed
to meet its processing require-
ments, and Nimslo's manufac-
turing division has built its
printers Internally without using
outside suppliers.

Timex, manufacturing the
Nimslo 3-D cameras which have
experienced early teething prob-
lems in their development, has
given Nimslo assurances that it
will be able to fulfil this year
the volumes needed to obtain
Nimslo's original sales projec-
tions.

R.&J. PULLMAN IN
SWIMWEAR DEAL

R. and J. Pullman has
acquired swimwear maker
Bartlett Manufacturing Company
for £375,000 cash, payable
immediately, with a further
£50,000 payable in April 1983.
Pre-tax profits of Bartlett for
the current year are forecast of
not less than £150,000. Assets
are estimated at £36O,0QO.

SGR JOUST VENTURE
IN SINGAPORE

SGR Group has formed a joint
venture in Singapore with Hoe
Seng Boat /Hardware), formerly
the Singapore agent of SGB
Export

SGB Group has a controlling
rest in the new ' company,
Scaffolding and Formwork
(Pte), which will spearhead the
sales of SGB building equipment
in Singapore.

American Maize Products Com-
pany has signed a letter
of intent to sell its S.. A.
Schonbrunn subsidiary, to Tetley,
Incorporated, though the con-
sideration has not- been dis-
closed.

The sale la subject to' board
approval by both companies, the
signing of a definite agreement
and to Government filings. •

American Maize said, it
thought there were better areas
.it could put its money, into.

JOSEPH CAUSTON/

WELBECK INVTS.

The recommended offer by Sir
Joseph Causton and Sons for
Welbeck Investments has been
received In respect of '2,725,677
ordinary (50.18 ‘ per cent).
The offer is declared uncondi-
txonal as to acceptances.

Schonbrunn makes -and sells
Savarin, Medaglia D+Oro,
Brown Gold and El Pico coffee
brands.

Tetley is a subsidiary of
Aliied-Lyons the London-based
food and beverage company.
Tetley makes and sells Martinson
Bustelo coffees and Tetley Tea.

Tetley said it expects the
transaction 'to complement its
present '■ operations and to aid
in the -.continued growth of. its
business,

FOTHERGELL BUYS

MONTGOMERY

FothergQl and Harvey, has
acquired all the issued share
capital of Montgomery Plating
Company for £666,000 cash.
Montgomery is a Coventry based
specialist metal finishing com-
pany with processes , comple-
mentary to those of FothergilL

Fairclough pays £6 j
for stake in Press

Fairclongh Construction has
acquired 10,967,777 ordinary
shares (14.56 per cent) In ,Wm.
Press Group.

Prior to this, Fairclough held
no ordinary shares in Press.

The cash consideration for
fins holding (Including the
amount paid in subscribing
rights entitlements) was £6. 58m.

Fairclough has acquired these
shares as .an Investment from
members of the Allpress family
and their trustees.

Board of Press was informed
Of the proposed purchase and in
response to a question from the
Press board. Fairclough has
staled that it does not intend.

without the approval Of the
board of Press, to increase tins
holding.

UEI TERMS FOR
YEWLANDS GROUP
Terms for United Engineering
Industries’ acquisition of Yew-
lands Engineering and Pre-
comp Engineering Services (the
Yewlands Group, provide for
additional consideration to be
paid to vendors related to profits
for years ending March 31 1982
and March 31 1983.

Additional consideration in
respect of first year is £740,000
to be satisfied by 292,446
ordinary of UEL

Grimshawe
. sh ares are
suspended

MR THOMAS . KENNY,', the
chairman of Grimshawe Hold-
ings, said yesterday, that be
expects ta reveal -on -iFriday or
possibly early wart ' week, why
the board requested a share
price suspension; it 17p per
share, of dealings m the loss-
, making •' household ' supplies
manufacturer. -

Grimshawe has; bedt- progres-
sively slimmed down since Mir
Kenny assumed control of the
former banking and industrial
-holding company -some- eight
years • ago. Last- October it
announced the sale of what had
been its . largest - -'subsidiary,
J.' Manger .and 1 Son, the paints
and DrY equipment manufac-
turer, but has since announced
tbat interim losses to the end of
that month had deepened from
£74,000 to £264,OQO.before tax. -

DANA' ENGINEERING/

BROWN BROTHERS

Following the acquisition by
Dana Engineering of the out-
standing minority - shares of
Brown Brothers, Dana is .propos-
ing to simplify -the corporate
structure of its European activi-
ties, which involves seeking
approval of holders of Brown
Brothers 8} per cent unsecured
loan stock . 2990/95 to certain
proposed modifications of. the
trust deed.

Proposals are to be put to the
stockholders which provide for
changes to the trtiat deed,
together with a provision of a
guarantee to be given by Dana
as to future payments of. princi-
pal and interest on the. stock as
well as an increase in interest
payable from 8} per cent-to 9 per
cent and an acceleration of. the
date for final repayment from
December 31 19% to end Decent
her 1992.

Crean agreed offer for Peterson

James Crean, Dublin-based
botler and distributor of beer
and stout, has made an agreed
share offer for fellow Dublin
group, Peterson Tennant, a pipe-
maker.

The companies announced
earlier in the month that they
were having talks and yesterday
details of an agreed offer,
valuing Peterson at £2.75m, were
released.

Crean is offering two of its
own shares for every three
Peterson, plus I£1 in cash for
every preference share.

The bid is subject to all the

usual conditions, including
approval by Crean’ s share-
holders.

The Peterson board intend to
accept as to their own share-
holdings, amounting to 12.9 per
cent of the ordinary and 9.1 per
cent Of preference.

Directors of both companies
say in a joint statement that
“the merger, will provide a
strong foundation for the
future."

Peterson's trading perform-
ance is currently adversely
affected by problems in ** certain
areas," but rationalisation

measures have been imple-
mented to restore profitability, hi
these divisions.

In the year- to December .1981
Peterson made pre-tax profits of
I£785,000 (I£878,900). James

Crean made Klfim in the' year to
June 1981 and K959.000 in the
six months to last December.

If the acquisition goes
through, Mesrs R- G. Tennant
add E. J. Bolger will join the
Crean board. -, *.

Adviser to Crean '.’-Is Allied
Irijsh Investment Bank, and to
Peterson, _ Ulster Investment
Bank. . ' “ ..

-' Second half pre-tax profits at
Maurice James Industries fell -by
£36,000 to £308,000, and figures
for 1981 as' a whole were also
lower at'£548JJ00 compared with
£630,000..; Turnover -of. tin*
Industrial investment company
improved from £7. 44tn to

Operating profit.:- -was
Changed at £652.000, against
£651,000 wfcich tndtided £25^000
from - companies - -leaving -the
group. • ■-!-?■

The final dividend is 0.75p for
a total of l~25p against a stogie
payment of lp net to 1980.' -
The pretax figure was struck'

Ir£362,000
pre-tax loss
for McCairns

DUBLIN-BASED vehicle distri-
butor McCairns ; (PMPA)
recorded a * pre-tax loss tot
Ir£362,000 to the 15 months -to
December 31 . 1981,. compared
with profits of Ir£319,000 . in the:
previous 15 months.

There - was a -tax credit 'nf
£166,000, .agalafr a 'charge ..of
£151,000. • ..Profit on the sale of -
leasehold- building produced an-
exceptidnaf credit of £132,000. \

’ Turnover fill ’from £10£3m-to
£10-26m, and a /trading loss /of
£494/100 was recorded. McCairns
is - a .subsidiary of PMPA . Insur-
ance Company. .

B.E.T. Omnibus
falls' sharply
to £4.64m

TAXABLE PROFITS of BJELT.
Omnibus Services fell . from
£6<32m to £4.64m for the year to
March 31, 1982 despite a £421m
improvement in turnover - to
£67.74 hl The. , profit figure
included investment income of
£25,000 (£30,000) and a . £5. 68m
(£5.03m) contribution from asso-
ciates,- but was after interest
charges of £3.78m (£4m). r '
Tax paid totalled £2 .39m
(£191^000 credit) and there were
deductions of £24^000 (£8.000) for
minorities -and - £189,000
(£488,000), for extraordinary
items/ • /

Stated earnings per share of
tire company, , a subsidiary of
British Electric Traction, were :
23.82p (7128p) pre-extra ordinary
debits and 21.72p (65.86p) after.
A final dividend of 4p. makes a-
same-again. total of- 6^5pi On a-
CCA. basis there was a pre-tax'
loss of £237,000 (£2.42m profit).

^^.asbcfeftes’pisffiito'qf^ £80,001

(£66^00)- -and totorest -rftaeges
rep frtan JSfjOOO td £154,000.^
was v suJbstamiaUy, . higher,- . at
£248,000, (£37^)00).
nrinbritT' credSte* -of V£16,000

V4.I wu tuunwif UByi R tiy

debits -of; £30^00- rt^ooa
creams)'/ Stated - eafdtogs'j>er:30p ;
share jwre dowa froan,.'

2J4p.<;;- i v-'' :

The -d&redtofcs: say,. •'■.-that / jftt
reduction ■ in bverafil- ' _grwip
boiTowingS' is io excess <rf*£ffiL
On a> CCA baste, pretax ptofiis-
were . tinwer • at 0-388,000'

jc£429,Q»)w;' ■••:••

Ldn; Americau

isflc

In tiie first quarter to March
31 1982 . London. American

Energy,, the* 'only substantial
asset : of London Stinerican
Energy Investments, increased
cash and. short term investments
‘by _U5$16.04nL to/ ^9.73m
7 (£4031m at- current rates).. _■

. L /This.' increase whs' made op
. from oil and gas " 7 operations
‘ 5391,000, interest, received from
mature deposits - of S3 .68m and
return of "bank deporit witia. Joint
'venturer $l736m, less expenses
. and taxes; of $384,SM^, advances
paid in respect of specific wells
'.of $L2&n - add ' acquisition,
exploration and developmeok of
oil and gas properties Or $3:73m.

The directors say.- that an
apprecitoion of . the -data : avail-
able from recent oil and: gas
exploration leads' than, to. believe
-that: total expenditure to date on
, oil and gas properties, todudmg
dry' holes, has identified- re-
serves with, a net present value
substantially, to .excess; of .Jhat
expenditure and future related
development '-expenditure
:-‘At March - 31, .shardiolders
equity came to £10L19m and oil
and gas properties were. valued
‘-at -820.28ml' . - ; . .*•' • - •

SPAIN '

Juiia 25-

Banco Bilbo* — -.1 — ..
Banco -

Banco Exterior. >; —
-Bailed Hiapano .

■ Banco.

■ Banco Sontamfer

Banco Dfquvd

: Ban co Vizcaya

Bari co Zaragoza-

□rag a Jos

EapanoJa ".Zinc.

Fecaa .

• Gai . Praciadoa

Hrdrola:

Ibarduara.

Vatralaor,

.Pitralibar V.—

Sogafisa — :

Tololnrica ' ;

. Union ElaeL

LPrte* '

.-' % • -Jlioc ?
‘352

' r 2SO —28
300 .

3ie- ' •
j All . . .

" 332 '. -T
T80
: 3S2
237 :-V
W;

:■ 6?.. -2.

ea^

• naB H-1" •

6Z2 j+2- .

■'76? '**.

• 6

70.2

55.2 -03

EUROPEAN OPTIONS EXCHANGE

Series [

Aug. -
Vd. | Last

* NOV.

Vol. | Lest

1 ‘ Feb. '

[ Vol. ] Lest

Stock

GOLD C S3O0‘

13

22

a ;

80.10 !

1

I

6308

GOLD C S325!

23

9

10 i

22

3 i

32

IP

GOLD C 6350

—

—

io. ;

13

12

21

ft

GOLD C S57B

3D

1.70

— . i

—

—

—

VP

GOLD C S400;

10

0.20

10 1

3.50

—

—

Pt

GOLD P S5O0,

10

9.50 B

102

14

—

—

pp

GOLD P £325'

26 |

22

- 92 1

26

—

_

' pp

GOLD P 6350!

123, NL 81 87^91

6 1

40 B:

18 1

41 Bl

30

42.50

■p

P F.llOi

12 NL 81 86U8

85

1 1.10 |

1 6'

| 1.70

i — i

1. - IF.lll

C F.105|

1034 NL 80 86-95

30

I 0.40 J -

1 — 1

1 - 1

[ - IF.104.10

C F.lOO!

H Uj NL 82 88-93

100

I 1J30 ;

1 12

1 1.90

1 -

1 - 1

IF. 100.20

C F.Z05I

IQ NL 82 86-89

SB

1 0.20

1 -

1 —

1 -

| - IF. 102. 10

C * F.lOO)

—

1 - i

| 40

I 0.70

1 - 1

1 - IF.97

July

Oct.

Jan.

ABN C

F.300i

1

3.80

AKZO C

F.25

—

• — ~

19

1.30

AKZO C

FJ7.50

—

—

—

—

AKZO P

FJJ2J5D

—

—

—

—

AKZO P

FJ27.50.

■49

3.60

— •

—

AMRO C

F^O

—

— •

7

1.60

AMRO P

F.43

—

—

—

—

AMRO P

F.50:

—

—

a

3.50

KODA C

670,

—

. —

6

67a

HEIN C

F.55

IO

3MOB

-

HEIN P

F.50,

—

—

—

HEIN P

F.55|

—

—

5

120

-HEIN P .

F.60

a

1.80

4

3.20

HOOG C

F.15

—

—

10

1

IBM C

S65

5

OA -

—

KLM C

F30

—

—

2

12

KLM C

F.90

117

2.40

2

7.50

KLM C

F.lOO

—

■

IB

3.80

KLM C

F.110.

—

49

2.20

KLM P

- F.80

—

-r

35

2^0

KLM P

F.90 :

216

3.10

3

6

KLM P

F.lOO

6

11.80

■ —

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F.l ID".

50

3^0

—

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F.X10

103

0J90

_

NATN C

F.l IS

12

1

• 10

2jB0

NATN P

f.i is:

5

1J50

—

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PHIL C

F20

10

3^0

—

PHIL C

F22.SO

22

050

117

1,80

PHIL C

F2S.

—

110

0.70

PHIL P -

F2B.0O

100

□.10

10

0.70.

PHIL P

F25‘

—

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2.10

RD C

FJ8Q-

3

5.70

56

7.50

RD C

F.SO

62

0.30

149

2.40

RO C

F.lOO’

20

0.10

—

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F.S0

161

0.50

83

2

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FJIO

66

5

130

8.30

UN1L C

F.l 50

—

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3

UNIL C

F.160:

4

1

UNIL P

F.140;

- i -

Aug.

5 : 2. BO i

Nov.

Si EM C

DMJ20;

—

-

42

4 1

vw c

DM. 140

20

3

— |

3

10

15

"2

7

l.BO

0.80

0.90

Fjmi.so

Fjas.70

2.60 F.49

i I -

- 18784

- F.58.70
1

- F.14JQ

- S61

- : F.88.50

10

27

48

6,50

— ;f.112^0

— jF.lli.50

3.60 |F JW
2J20
1.10

- : - iF.85

37 \ SJSO . „

5 1 jBO I M

8 2^0 1 „

ID 8.50 I „

5 4JM IF. 144.30

31

TOTAL VOLUME IN CONTRACTS 2766
A = Asked 8= Bid

C=Calt

Feb.

[ 7 [DM217.G0

— |DM 142^0

P=Put

This advertisement is issued in accordance with the require-
ments of the Council of The Stock Exchange, ft does not
constitute an incitation to the public to subscribe for or to
purchase any shares.

ALFRED WALKER pic.

Incorporated in England under the Companies Acts 1948 to 1981
No. 1626189

SHARE CAPITAL

.. . . Issued and to be

Authorised' Issued Folly Paid

£200,000 Ordinary Shares of lOp each £175,000

Application has been made for the ordinary shares of 10p
each to be admitted to the Official List by the Council of The
Stock Exchange, subject to registration of the Court Order in
respect of the Scheme of Arrangement involving Alfred
Walker & Son p.l.c. and the issue of the ordinary shares.
Dealings are expected to commence on Monday. 5th July. 19S2.
Particulars of the company and of the ordinary shares are
available in the Statistical Service of Extel Statistical Services
Limited and copies may be obtained during normal business
hours up to and including 14th July, 1982. from

HENDERSON CR0STHWA1TE & CO.

194-200 Bishopsgate, London EC2M 4LL

3pth June. 1382

Analysis of bank advances and acceptances

to UK residents by. reporting institutions in the UK- at May 19 1982 (Table 5, Bank of England Quarterly Bulletin)*.

£m-

Londou clearing hanks
Scottish clearing banks
Northern Ireland banks

, — 1982 Feb 17
May 19

1982 Feb 17

May 19

1982 Feb 17

May 19

All banks 1982 Feb 17

May 19

of which to sterling 1882 Feb 17

May 19

Changes:

in sterling :

in foreign currencies adjusted
for exchange rate effects ...

B1 Nov/B2 Feb
19S2 .Feb/Max '

•81 Nov/B2 Feb
19S2 Feb/May

Advances only

AH banks 1982 Feb 17

May 19

London clearing banks 1982 Feb 17

May 19

Scottish clearing banks 19S2 Feb 17

May 19

Northern Ireland banks} 1982 Feb 17

May 19

AH banks 1982 Febl7

May 19

of which in sterling 1982 Feb 17

May 19

Changes:

to sterling

.Total

36^54
39,542
4,673
4,925
■ 892
917
87,562
93.408
71,298
76,583

+«85

+194

79*29

84*10

■TOTAL TO UK RESIDENTS

' - nfvrtiict)

fa foreign

lo rteritoa

35,031

38,169

4r348

4.810

892

917

71,298

76^83

antnau. ,
1,323 :
L373
326
315 v

1 r

164564

16^25

63^67

68^21

15^63

16489

Total -
fta m n dat

- 2^29
: 2,477
304
314
38
41
Hk261
15^20
8J029
8,711

+682

+237

124*70

13,644

ofwnia

taa^vang

2J20
2^59
246 .
270 -
3*
41 1
8,029
8,711

-mtAWC IA L .
-Hlra-famhaso.-
* flaam - f ro t artr
- hoasaa ■- eoniu aul ra

'1477
L291
120

-Total o* Which
•Mno- la
factorlnp starling

8,928 8,371

Food.

drink fh a m l cafs Matal .
and and aHlad raanu-
Cok aac o indntrfaa factnra

M71
7JM4

-MANOFACTURINC-

, 184
181
21
. 21
- 1
2

1^57

L854

L523

1,776

+253

+ 43

■ 897
U62

146

33

35

zjm

3^43

2,734

2^59

+225

+ 3

3^23

Other

Onanclal

968

1,805

163

148

4

5

9^95

HL224

3,772

3£76

+204

+190

8.777

9^58

i JS P

-» —
n • •

r V

to foreign currencies' adjusted
for exchange rate effects ...

Advances only
AH banks

■81 Nov/82 Feb
1982 Feb/May,

•Sl Nov/82 Feb
1982 Feb/May,

1982 Feb 17
May 19

9A39
962
930
“- 130
139
21,072
21,936
17^77
18JB3

+676

+105

17^24

17,636

8,901

899

870

129

139

17^77

18,053

1,306

1^74

189

196

32

33
3^00
3,718
2,907

3,172

879

899

128

78

3,665

.3462

2,686

2,470

489

567

50

53

1,122

L267

931

1,042

+265 -196 +111

13,926

13^67

+ 42

2.702

2,789

29+30

2JS17

2.517

960

Total

London clearing banks
Scottish clearing banks

1982 Feb 17 .

May 19

1982 Feb 17

May 19

Northern Ireland banks 1982 Feb' 17

May 19

ah banks 1982 Feb 17

May 19

of which In sterling - 19S2 Feb 17

May 39

Changes:

in sterling '81-Nov/82-Feb

1982 Feb/May

to foreign currencies adjusted
for exchange rate effects ... *81 Nov/*82 Feb

1982 Feb/May

Advances only _ .

All banks 19S2 Feb 17

May 19

London clearing banfe 1982 Feb 17

May 19

Scottish clearing hanks 1982 Feb 17

May 19

Northern Ireland banks}; 1982 Feb 17

May 19

All banks ...... 1982 Feb 17

M a y 10

of which in sterling •••■•••••.»•»•. 1982 Feb 17

May 19

Changes:
in sterling

wodOcflm

4,999
5^90 -
993
L021
247
243
9,242
9491
7,772
8017

1+345

.— 28

8,837

9,139

ofwUdi

to

UrnrUtm

4.830

5442

900

330

247

243

7,772

8,117;

-OTHER PRODUCTION^

AsrkBitnk.

lowin’
and flsMna

2,725

682

706

190

190

3,761

4,045

3,735

3.398

Minina

and

qvMrvtag CoBUfwethM

381
367
-127
129
5

2,459
2^41

1466
1490

" ' OttWM-
BWWfcal fllKMring
nelocar- and mttu

»Ip-

btdldlDB ..

TaxUlaa.

Matter Ottar

W

eoo«i»

♦ VaMdax

denies -lacturtsB

774

1,992

438 487

733

L830.

817

2.080

479. 553

743

10127

64

148

126 27

72

159

57

149

134 26

70

168

48

21

29

43

22

37

1^82

30562

712 L325

UlO 4.194

1,740

3,772

768 L531

L364

4214

1^37

30153

668 L151

1.182

3^61

1,479

3476

727 L312

L217

3,458

+ 22

+123 + 58 H-lfil

;+: 35 + 97

+ 32

— 27 : — J + . 41

+ 15

:+]

IMS

3^20

700 L015

1469 ^587

1^83

3,409

759 978

1,217 r3J>25

1492

1461

184

186

51

48

3J12L

3^05

2 m

2JS29

9313'

11,009

999

1,138

196

' 20 *-.

15481

17465

15431

17J02

efwMCk
la -
starling

9^07

1L002

AQC

1,135

. 196
204
15431
17402

+263 ' ;+' 24 :+/ 57 ;, +l,«7L

.'+; 19 ^lTl +li3 +' U

for kouM
BwehaM

4.009
4,753
43S
524
51
-•-■55
. 5£54-
6^08
5449
6400

+L05I 5+62ff

OtMr
5,813
6457
- '564
• 61+
145
1 « -
9,727
10459

9,682

2**

7470

7^65

3,738

4,023

2,151

1,978

in foreign currencies adjusted
for exchange rate effects ...

Advances only
All banks

’SlNov/’SSFeb
1982 Feb/M ay

•81 Nov/^2 Feb
1982 Feb/May,

1982 Feb 37
May 19

Total

ur*Mks

10,286

11^26

1,416

1^22

282

290

27407

29298

22289

24,500

-'131

:+L3n

25^18

27,126

of wblctl
In

stortiog

9,903
10465
L307
1405 '
282
290
22489
24409

Tranwort Puklk vtHOlM

and tomrmmU and imiiMi
catlonc

883
1409
189
180

2*948 15481

3438 17465

are vices—

15^31

17^02

5254

6306

.+ 12

9,72T

10459

Local

26263

22,442

.‘3401

-3427

1436

um

•- 19

;+2i4

3filS

.3*212

121

229

29

49

19

18

1469

L307

751

903

-24

:+is2

1,068

1276

S3

•115

127

8

.. 9

2234

2JS20

2,785

W 3

-+165

3,624

' RateH -
•UctrlfcalMa

2416

2,468/

223

235

100

' 103 .
3,681.
4,063
■ 3,619 ■

^ 8

•• . . eratadonl.

■'Jpir kmhoscbM
dMrUHRImt ndsnrtl

•L838 -
-LS7&

199

200 .

6,405

3333

5JS16
; 5*579
661
„ " 732
.113
■ -U3:

9fi30 :
10,593

:+389 +327 i +663

5448 r

2282. 3,6« : ,. 'fiJE42 ^ ;10W V.

* The introduction of the new. monetary sector In November 1981 has led to changes in the cmeraee hf fhit Whl.
® the addition^ notes to tables 3 aod 5 in -.the . March 1B83 BuuK:™aa^K

r

Financial Times Wednesday June 30 1982

21

'■n\S

Un.

i: p!i

fistic

acceptai

Conpahles and Markets

INTERNATIONAL COMPANIES and FINANCE

A' li.mp’:n bond issue* reflects pent-up demand fprwedfp iPeter MoiiUgnttn reports

sees

Dnomie 011 expectations that domestic
Lo-opcration and Development capital markets -will remain

XeraSK? 1 T 1 of ^-burdened with the demands

;SS to »!???* Capi ' 0f puWic sect0T dancing. This
to between will force other borrowers out

■Sis, sm - inw *• ««««—

£ in March. .

The OECD

of $ 160 bn this year

^ in its latest
/Tinanciai Market Trends that
j.this increase will take place
. despite some, easing of balance
~ot payments problems as- a re-
.. suit of the decline in oil prices.
7 . .Previously it had expected
;-bprrewing to -be- little changed
v -from. % .last year's underlying
-level ;of $143bn, which excludes
the exceptionally large 1 Euro-
credits raised by U.S. com-
panies in connection with take-
over developments last summer.

The revised forecast Abased

In the first five months of tills
year, total borrowing on inter-
national capital markets was
already running well ahead of

for credit, but it may also
indicate expectations of con-
tinuously high long-term rates
of interest.

Until early June, the inter-
national bond markets were
easily able to accommodate
these increased demands. Since
then the oversuppjy of both
international and domestic new

MEDIUM-TERM EUROCREDIT CONDITIONS

1»1

1982

last year, at an annual . rate of issues has re-emphasised - the

sfitn a Cl _

some $175bnj
But even more striking has
been the sharp increase in
activity in international bond
markets, while medium-term

vulnerability. . .of

continuing
bond mat
conditions of economic
financial uncertainty.

..... . . .

Jan-

Mar

Apl-

june

. Juty-
Sept

Oct-

Dec

. Jao-

Mar

X

JNewLoans*

6*S

.. 1«3

2725

134Ji

S2>

TT75

Average life (yr/

A

I 1 .

month)

Average mar fin •

1/4

7/9

7/tI

6/7 *

7/11

7/3

(per cent). : •

OfiCDthareef

- 0.70 .

077

O-i?

M9

048'

oil

total loam '(%)

• 52 -

. 51 -

. tl- - ■

59

52

.54

and'

Eurocredit financing. has borrowing on these markets'- in ‘‘

* Sbn annual rate-— figure* for third and fourth quarters of 19M are
distorted through ' inclusion of Ui. corporate borrowing In' connection
'Indeed, the finaf amount of- with takeovers. --' ' • 1 •

. Currency distribution of externa!
bond offerings (%)

1»1

1982

Jan-

April-

Mar

May

U5.S

603

61.7

65.6

D-mark

54

63

73

SwFr

17

15-4

1£6

Ten

6.6

S3

remalned relatively • constant
says the OECD.

Between January and May
new international bond issues
were running at an annual rate
of almost $80bn compared with
S48bn last year. New Euro-
credits, however, rose only mar-
ginally to S97bn from $05bn.
largely because of the greater
caution now being displayed in
international lending.

An important factor behind
the increase in bond financing
has been demand for funds from
U.S. corporations, especially on
<he Eurodollar bond market.
This reflects a pent-up demand

1982 will depend heavily on the
extent of any decline in- U.S.
interest rates, the BCD says.
This explains why its forecast
of overall capital market
activity this year Is couched 1°
such unusually broad terms.

Activity in the Eurocredit
markets is likely to remain at or
slightly above last year's levels
for the rest of 1982. Demand
for funds remains strong,
especially from -non-oil export-
ing developing countries/ whose
balance of payments deficit is
expected to rise to an aggregate
$77hn from $74bn in 1981.

Total payments deficits of

Source: 'OECD

the PECD countries should fall
by $10bn, but. will still be in
the region- of $54bn.

-But while funds available for
lending have remained ample,
-the OECD warns that the
cautious stance of banks, par-
ticularly in Europe, has accen-
tuated the market's tendency to
differentiate between relative
credit risks.

The average margin paid by
developing . countries in April
and May rose to 1.1 per cent
from 0.85 per rent in the firsr
quarter, while that paid by in-
dustrialised countries slipped to

0.53 per cent from 0.56 per cent.

Euromarket 'banks are likely
to continue to display a strong
preference for lop-quality credit
risks, both within the OECD
area and outside, as a result of
increasing problems with
domestic business and the risk
or more debt re-schedulings by
individual countries.

But in addition they may also
try to place a growing emphasis
on total client relationships and
those forms of financing which
create additional income with-
out increasing portfolios un-
duly.

Morgan Guaranty still
top trust asset manager

; BY OUR NEW YORK STAFF

. MORGAN Guaranty remains the
largest manager of trust assets

• of any bank in the U.S., with a
- portfolio ^of 835.2bn at the end
\ of 1881, according to a survey in

today's issue of the American
Banker. However its portfolio
1 ; decreased In size during the

• - year, and so did that pf Citibank,
..the, number two bank in the top

! :\ten., ;.r • -

* : Bankers Trust, in third place.

* increased its portfolio to
SIB.Bbh, only just short of Citi-

i bank's- -$193bn ;

The survey. conducted
! annually by the American
Banker, covers discretionary
'assetSrrthDse accounts over
which- the bank itself decides

what securities should be
bought or sold.

The fastest growing bank in
the list is Provident National
Corporation of Philadelphia,
which jumped from eighth to
fourth position after a 52 per
cent jump in its assets to
$15.9bn.

Continental Illinois also
jumped four places in the list
to the number -five slot, with
$13.2bn under management at
the year end.

The other five banks on the
list, in descending order, are
Chase Manhattan. ■ Mellon
National, Northern Trust Corp.,
Harris Bankcorp, and Manufac-
turers Hanover.

Nimslo buys
stake in
film processor

By Our Financial Staff

NIMSLO International, the
Bermuda-based company which
owns worldwide rights to the
Nimslo 3-D photographic . sys-
tem, has acquired about 12.1
'per cent of the outstanding
common stock of Berkey Photo
in a deal worth roughly $2.25m.

Berkey Photo hid. sales 1 of
$186.4m and net profits of 31.7m
or 35 cents a share in 1980. It
operates retail camera and film
processing outlets.

Nimslo said the 601.170 shares
held by Nimslo Corporation, its
U.S. subsidiary, were bought for
about $3.75 each in private
transactions mainly with Mr
Benjamin' Berkey; founder and
chairman, and his family;

New Zealand launches
DMIOOm five-year bond

BY ALAN FRIEDMAN

THE GOVERNMENT of New
Zealand yesterday became tbe
first borrower to come to tbe
West German foreign bond mar-
ket since' the imposition of a
two-week moratorium on new
Issues. New Zealand is raising
DM 100m through a five-year
bond bearing a 9f per cent in-

some issues were marked up by
as much as £ point. The reasons
for the Eurodollar, sector’s
healthier undertone are twofold:
several dealers are covering
their short positions ^ taking
on more bond inventories — ^nd
there are an increasing number
of bargain hunters looking for
diealed .coupon. The price will .high quality paper at cheap
be "around par” according to prices.

FT INTERNATIONAL BOND SERVICE

The' list shows the 200 latest international bond issues for which an * adequate secondary ' market
exists. ' For further details of these or other bonds see the complete list, of Eurobond prices which

Wifi be published next on Tuesday July 13.

Chang* on

- . Closing prices on June 29

U.S. DOLLAR

SLIGHTS Issued

AaWa Ufa T5 86/97 ISO ,
Amu ini. Fin. 16*11 92 7S .

Arnu O/S Fin. 141* 89 75

APS. Fin. Co. 16*. 39 ... 75

ATT 143* 89 400

■Hffltif nit." Fin. 0.0 92 225
BHP Ftntnc* 14* 89 ... 150
A.'Amtr, NT SA 12 87 200
Montreal 14*2 87 ... 100
Bqu*. Indn Suit 15 89 100
British Co!. Hyd. 14*. 89 200
Burroughs Ini. 15** 88 50 -

Canada.-. 14* 87. . • 7BO

Canadsir 15*a 87 160

Canadian Par: 14H 92 75

. Carolina Power UP* 89 60

CISC 16 87 - 1W»-

Citicorp O/S 15 84/92 100
Citicorp O/S 154 85/97 125

•Qft* 15*. 97 . 75

Colt. Illinois -15V 89 . 100

Duka Pwr. O/S 15*i 89 «»

Dupont O/S Cap. 0.0 SO 300
ECSC.1M, 87 -SO.

srriflvaB :

Ekapontinans .141* 89 . . 50

Gw. .Else. Credit 0.0 92 400.
Gan.'.EIac. Credit 0.0 93 400
Getty Oil Int. 14 89 ., 126
GMAC O/S Fin. 16 88 150
GJrfACL. O/S 15*4 .85/37 100
GMAC O/S Fin. 16 89 126
GMAC O/S Fin. 15 87 100
Gulf Canada Ltd 14*. 92 MO

Gulf jOil W» 54 22

Gulf Oil Fin. 0.0 92 . 300

Gulf States O/S 16 90 80;

Ini- Am. Ov. Bk. 15** 87 56- .

Japan Dov. 8k. 15*2 87 50

“Now Brunswick 1R 89 75

Ontario Hydcp 141* 89 .. 150
Pbc. Gas & El. IP* 88 45

- Phillips Patrol 14 89 ... 200
RJ Bynlda. O/S 0.0 92 400
Saskatchewan 16 89 ... 125
Shall Canada 14* 92 ... 125

Spain TO. 87 100

Superior O/S Fin. 14 89 *25

£wad. Exp. Cr. 15*4 89 100
Swed. Exp. Cr. 14* 90 100
Swad. Exp. Cr. 0.0 94 200.
Texas Easiarn 15^ 89 . GO
Union Carbide 141* 89 150
Walla Fargo I. F. 15 87 75

World Bank 15k. 88 ... 250
World Bank W, 87 .. 500

. Bid . Offar day weak Ylafal
98V 99*« +DV +0*. 1528
Bfi*. B6 7 . +0S — 0*. 16.3J-
921i 93*i +0*. -0*» 1624
98*. 98*i +0*. -0*. 1623
100V 101*. +0V +1V 14.00
t25‘ 25*i 0 +0*. 1532
93V 94*. +0** -0V 1626
87V 8SV 0 -OV 16.74
94V 95*, +0*4 -OV 16.06
94 . 94V +OV +OV 16.43
95V 96 +0V +0V 15.79
98V 99 +0V 0 16.03-
96V 96V +OV +0*4 15.46
98V 99*, +DV +0V 15.78
93V .94*. +0V +0V 15.88
88V 99*. +0*4 +0V 16.65
99*. 99V +0V +0V 10.12
98*4 99V +0V +0*. 15.66
98*4 99V +0V +0V15.87
9SV 95V +0V “OV 16.69
98V 99- +0>, 0 16.00
94V 94V-DV-1 18.84
33V 34V O +13,15.27
B5V 96V +0V +0V 16.11
97*4 97V +0V +0*, 16.08
92*. 93V +0V +OV 1620
26V 26V -OV +1 14.73
23** 23V -OV +1V 14.59
94V 95V +0** +0V 15.22
9BV 98V +OV +OV 1631
87», 98 +0*» +0VW23
94V 95 0 0 16.29

96V 97 +0V 0 1537

93V

96V

26V

95V

95*.

94V +0*. -O’. 16.98
96V +0*1 +0H 14-86
26V +0V +1V 14.71
95V +0V -OV 17.04
96*4 +OV +1 16.20

. OTHER STRAIGHTS . taauad
Ball Csnada 16 89 CS... 100
Can. Pac. S. 18V 89 CS 50
Crd. Fonoiar 17V 89 CS 30
Gaz Mstra. 17*« 90 CS 20

OKB 16V 88 CS 83

Q. Hyd. 1BV89 (My) CS ' SO
Quabsc Prov. 16*j 89 CS 50
U. Bk. Nwy. 9V 90 EUA. 18
Amro Bank 10 87 FI... 150
Bk. Mass & H-. 10 87 FI ■ 75

Eurofima 10V 89 FI 50

Ireland 10V 87 F U.:....:. 75

Phil. Lamp* 10V 07 FI...- 100'.
World Bank 10 87 FI... 150

OKB 14 88 FFr.: 400

Solvay at C. 14V 86 FFr 200
Beneficial 14V 90 C (D) 20 .

• .BNP 13V 9t 15

• CECA 13V 88 E * 20

Fin. Ex. Cmd. 13V 86 E -15
Gan. Elac. Co. 12V 89 E 50

- Hiram Walker .14*. 86 C 25

-Norsk Hydro. 14V 87 E 30
Prlwatbankeh 14V 88 E 12

. Quebec 15V :87i5 35

Reed (Nd).NV 16V 89 E 25 -
Royal Truatco 14 88 E... 12 .

SDR Franca 15V 92 C... ■ 30
Swad. Ex. Cr. 13V 88 € 20

Eurofima 10V 87 LuxFr 500
EIB BV 88 LuXFr 600

Changa on

Bid - Offer day wwk Yield
196 96V .0 .+0V1BJ9

196V 97*4 0 - +0V T7.10
198V 99*4 +0V +OV T7J4
196V 96V +0V +0V 18.15
194V 96V. 0 +0*4 17.6?
ttt*. 99 -OV O 16.79
tSUV 9T, +OV +OV 16.79
90V 92. 0 +1V 11J21

98V 99V +OV +0*4 10.29
97V 96 ' +0V -Or, 10 JO
99 99V -0*4 -OV 10.64

96*. 57*1. Q -0VH.2?
99 99V +OV -OV 10.43

S7V 98 +0V O 10.60
92V 9SV 0 -OV 16.88
92 93 . 0 -0*417.58

87V 88V +OV-1V16J3
92*. 98*,;.0 -+PV14J7
94V 96V ' Oa r -+OV 34-82
96 97 +OV.+OV14J7

91V 92V >0V'+0V M-37
97V «BV .+0V-+0V 14.97
98V B9V 0 • .0 14.87
95V 97V +1V^+1V 15.41
101V 102V: 0. -OV14J4
103V 104*, .+OV .+0V 15.67
97V 98V O -HHV.14.57.
sev 99V'+CfV +0V15J6
96V 97V - 0 +0V 14.74
94V 95V-+OV -OV1V.75
92V 93V +OV--UJV 11J9

100V 101V +a*,.+0V 15.14
98V 99.- +0V +0V 16.50
95V 96V +0*r +0V IE. 71
98*. 99*. +0V +0*4 15.73
92*. 93V +0V +0V 15.68
25V 26 -OV +0V 15.11
99V 99V O +0*t*16.03
S3*. 94V +OV 0 15-58
99*. 98V +0V +0V 75.96
81V 92*4 +0V +0*. 15J7
97V 98 +0V -0*. 15.76
S3 1 ,' 94 +0V +0V 16.18
19 19V +0V +1 16.13

100 100V +0V +0V 15-67
95 95V +OV +0V 15.90

95V 97V +0V +0V 15.88
96V 97*4- +0V 0 16.02

B4V 94V +0*4 +0V 15.96

Average price changes... On day +QV on week +OV

DEUTSCHE MARK 1 Change co

STRAIGHTS Issued Bid Offer day waak Yield

Asian Dev. Bank 9V 92 1“ 96V 99V +OV +OV 9.42

Australia 9V 91 300 102 102V +0V.+fP» 8.98

Australia 8 V 91 200 102V 103V + 0*4 +0V 8 99

Austria 8V92 MO - 9«V 94*. + 0*4 + 0*4 9^2

Barclays O/S In. 8 V S4 100... M*i .95 ,-+£■'+£> ^11

Canada 8 V 89- 200 100 *. 101V +°V +0V 8 J 2

Comp, Id- Esp. to*, 92-100. -lOOV.IOI . o. -+OV M J5
off n, 92 ... -100 96 - 96V +«. +5L* ^

Denmark 10 88 I- 100 101V1D1.V + 0*4 +0 1 . 9.62

Danmark 10 V 92 -MO

PDF 9*. 92 100

EEC SV 94 200

EIS SV 92 100

Int. -Am. Dav Bk. 9 92-, ISO

Itaitf 1 10V SB- “MO

Nacnl. Financiers 11 90 • 160
Philip Morris 8 V 90 ... 100

Oi(fthae 10V 92 ISO

Rente *0 92— -i r TOO

SNCF 8 V 92 100

Taiiemauiobahn 9*. 94 50

WoHd-Bank 9V S9 MO

World Bank 8V 92 200

102V 102V +OV +OV 9.70
100 100V 0 +0V 9-80

ioiv ioiv o +o*y 962

94V 35V +0V +0V 9.16
97V 98V +OV +OV 9.33
10OV 101V +0** 9.80

357 . 96V +0V -0*« 11-77
98V 100 +0*4 +0V 8J9
101V 102V -OV +0V 9.74
99V 99V +0V +1V M.09
95V 36 +°V +1V »-29

101V 1W 0 +ol a 9-00

100V 1007, 0 -OV 9-38

94V 95V +0V +0V 9^3

Average price changes... On day +0*. on week +0V

SWISS FRANC
STRAIGHTS

Air Csnada 6V 92

Asian Dav. Bank 7 92...

Aucalsa 7V 92

Australia 6*t- 9* ...

Cae. Net. I'Energie 7 92

_CfE.-Mexlco.8V 32. BO

.Co-op.- Denmark 8V 92 26

■CfcWn Zallrch." BV 32 100
' Eutopuraf 7V 92- 100

Ind.-Fynd Finland BV 82 30'

Japan Dev Bank- 6 34... 100-

Kobe City BV 92 .

Kommunlana 7V. S2'..., 3B5,-.

Mitsui OSK BV 92. 100

National Pwr. Co. 8 92 ..38

Nlw Zealand 6=92 MO.

OkJJ 7V 92 .• ;...... 100;

OfiL Postspar 7V. 92 100 '

Ph'dig Morris BV M
PbiTiP Moma 6V9* 100

Otiebac 7*, 92 100

RenfP 7V 92 70

Sekisui Pre. SV 92 WW . 80
Soc. Lux. da Cm. 8YS2 .' 90
Tirolor Waster 8V 92... 100
Vorariberg Kraft SV 92 ' -SB

Change on

Issued Bid Otter day week Yield
100 100V H»*4 -PV +1V 6.16
100 10O' 100*. +0V +0V 6.96 *
80.- 96 96*. ^-OV +0»» 6M .

’100 1U3*,T03V +0V+1V «-10.
TOO 101V 101V 0 t 1 ** *-®>-
97V 97V +0V +0V 8,61

104 104V +0V-+1 1 7.76
99V 99*i -OV +TV 6.86
'100*4 101 +0V +0V 7.12
• 98*4 99 +0V+1V 6.81 .

- 99*4 99V +0V +1* 607
59V 100V +0V +1V 6.12
100V 101 0 +1V 7.12

. 99V 99*a +0V +1V 653
TO3.V 103V +°V +1T|
iS 100V 0 +0V6M

10$V 103V ‘-OV -OV 7J5
... • ■ 102*. 103 ’ +0V +1V 7.0/
m . 102*1 "OV +1V 6;29

iS'-^v TO1V-0V +1V f.TO
VriS 105V +0*a +1V 6-63
Sv 97V 0 -IV 8.14
lSv«3V-0V+1V 6“
IS? 107 +0V+1 :6-99

fSS h

,102 102V +0V +pV 6^8

I (VI MIL in -DU . , IWA I— ■* . ■ ■*

Average price changes.. 1 ; Djn day +0V on woa5? +9 •

Changa on

IAIGHTS : HsovJ BW OHer day »w«k Yield
E . ay 97V +0V +OV 8.®

r. bev.’ S*," grf 5 IOIV 102V

iri, ^ wn. gc*» o -°V 9.1?

YEN STRAIGHTS *
ElBjBV 92
int.-Anwr.

_■ Japan ; Ajdine* : 7*. 87.^!

100V 9 +0*t 1 8.47
WprW. KV®' - »I n 39

JWa/agp pried gnrkitif.* On day 0 on aw** TB T

TTii

A ah ^ tf Eas:; n

FLOATING RATE

NOTES Spnwd Bid

Allied Irlah 6*4 92 OV- 96

Bk. of Tokyo 5V 91 (D) OV
Bk. Nova Scotia 5*4 93- OV

BFCE 5V 88 OV

flFCE 5V 87 OV

BNP- 6 V 89 WW .: r. 0*.

Caisee Nat. Tele. 5V 90 OV

CCCE 5V 2002 OV

CEPMS-5V 92 OV

Chemical NY SV 94 * 0*4

Com. Illinois 5V 9< <0V

Credit Agricole 5V 97... OV
Credit du Nord 5*4 92 . 0*4
Credit Lyonnais 5*4 97... 0*4

Credit Nat. 5*4 94 tOV 90

Denmark, Kngdm. of 92 0*» t98

Jrelend.SV 89/94 OV 158

. Ka ns. ff is Osaka 5V 92 OV
Lloyds Eorofin 6 V 93... 50V
Long Term Cred. 5V 92 OV

J.. P. Morgan 5*4 97 50*4 ■

Nat. West. Fin. SV 91... 50*4

New Zealand 5V 87 OV

Nippon Credit 5V 90... OV
Off.hore -Mining SV M' OV

PKbanken 5 91 OV

Scotland Int. 5*4 92 OV

Sec. Pacific 5V 91 •

Social* Generate 5V 95 OV
Standard Chert. . 5V 91 . D*.

Sweden 5V 89 OV

Torontoi Domin’n 5V.92" OV

Offs* &dte C.cpn C.y1d
9BV TSflO TS.& 16-97
98V 99V 8/12 15*4 15.42

98V 99V 28/10 ,15V -19,30
98V 99V 28/10 15 . 15.17

99V 99V 27/7 16V 16JQ
98V 98*. 6/11 15.19 15.42
SB*. 99V 21/10 15V 15.89

98V 98V 11/12 15V 15.61

98*. 99V 10/12 1544 15.59
98>, 99V 23/9 16.69.1624
S8*. 99V 24/9 16V . 16 M
98*. 98*. 24/9 15j44 J5.S7
98V 99V 23/12 16.81 17.00
39 WV 1/10 16 16.12

9BV 98V 9/9 14 JO- 1403
9BV25/8 15^4 15.59
98V 25/11 14V * 15.01
98V 99 f/11.I5Jl : 15.51

98V 99V 29/10 17V ' 1732
•98 9BV 29/11 14V « 14.89
'98*4 99*4 12/8 '.54V 14.77

98V 99V 15/7 15.19' 15.26
99 99V : 7/10 15.56 15.68

99 99V 10/8 .15JD6-15.1B

B8V 99V 2/12 f4-13- J4JS
99 99V 17/12 15.91 1FJ3

98V 99- 23/9 15V " 15--57
98V 99*» 24/11 -16" .13.17
98*. 99V 1/9 15^1 15.45
.98*. 99 18/11 IffV 115.06
99 99V 26/8 15.31*15.43

96*4 99V IV* -16V 1634

lead-manager Commerzbank.

The' issue appeared to have
been well received last night
and was said to be changing
hands at a discount of about i
point in the pre-market.

It is likely that today will
see tbe launch of a DM 100m,

. seven-year issue for Emhart, the
U.S. financial group... BHF
Bank -is expected . to lead tbe
1 issue, .which should come if the
-market does not deteriorate: -
^Prices of' D-mark foreign
bonds gained about i point in
moderate trading. For the first
time in -several days .dealers re-
ported: a fair amount of two-
way business.

. The. Eurodollar bond market
also picked .up yesterday and

. This week's main talking point
concerns the U.S. Treasury
auctions. The relative -success
of the auctions will probably
affect the psychology of both
the U.S. and international mar-
kets. .

Six-month ' Eurocurrency, .de-
posit rates began to fall slightly
yesterday:. The Eurodollar rale
stood at 16| per cent-fost night
(against 161- Per cent on Mon-
day). while the Euro D-mark
rate fell 1/16 per cent to close
at 9* per cent. The Swiss franc
deposit ra'fe declined 5/16 per
cent ,to JB 5/16 per cent. ■ •

: Swiss franc foreign bond
prices were unchanged lo
slightly better last. night after a
day of quiet trading.

Columbia
and RCA
in video
venture

By Paul In New York

RCA, the large U.S. coin*
- BtuniealipiiB conglomerate,^
■readied an important agree-
ment with Columbia Pictures,
the film company now . owned
by Coca Cola, to strengthen
Its presence In the fast grow-
ling home video entertainment
market.

The deal involves setting up
* joint venture between Che
two companies to market
video' cassettes and discs in
the U.S. and Canada. A simi-
lar venture between the two
companies was set up last year
to distribute video pro-
grammes in other parts of the
world.

Under the new agreement,
RCA will have access to
Columbia Picture's extensive
motion picture and television
film libraries. .Coca Cola,
Columbia’s parent company,
said RCA .would pay more
than SSUui over a three-year
period for access to the
libraries.

RCA said the venture was
part of its programme to
make Its entertainments busi-
ness in the longer term a
major contributor to growth
and profits. But despite RCA*s
strong presence in the video-
disc market, the company’s
Investment in discs has
proved somewhat disappoint-
ing.

The latest deal with
Columbia . also reflects • a
general trend In the home
video business. The major
U.S. networks are entering
into Joint venture deals to
strengthen their presence la
this emerging market.

CBS, for example, one of
the major rivals of NBC. the
national . broadcasting net-
work owned by RCA, recently
announced a joint venture in
the home video business with
Twentieth Century Fox. ■

Sohio’s Prudhoe Bay
oil stake to be cut

Super Valu
edges ahead

By Our Financial Staff

EARNINGS ' at Super '- Valu
Stores, the largest food whole-
saler, in the U.S. edged ahead
in the first quarter from
$18.1m or 49 eenls a share to
' $l8.5iu or 51 cents a share
on sales marginally higher at
$ 1.481m * * compared . with
$I.37bn.

BY OUR NEW YORK STAFF

r

STANDARD OIL Company of
Ohio. The large U.S. oil coin
pany 53 per ceal-owued by
British Petroleum, will see ils
share in the giant Alaska Prud-
hoc Bay piifiejd reduced, bv a
little over per cent as a result .
of a filial rede termination of
participating interests' in' the
largest frontier oilfidd to be
discovered in- America.- .

The redeierxuination of in-
terests in an oilfield is a com-
mon practice in the oil industry
and is a highly technical and
complicated - process to . deter-
mine the fair share of pro-
duction due to companies
participating in a field.

Under the agreement now
reached between Sohlo and its
other two partners in Prudhoe
Bay, Exxon and Arlantlc Rich-
field, Sohiu’s share in the 'oil
reservuir will drop from 52.964
per cent to 50.414 per cent.

At the current maximum
allowed production rale of 1.5m
barrels of crude a day from tbe
Prudhoe Bay field. Sobio’s uet
share of production will drop
tu about 561,700 barrels a day
from about 695,200 barrels..

However, because Sob to -Lifted
in excess of its newly deter-
mined share since production
came on stream in 1977, the
company has agreed to under-
lift about 75.2U0 barrels a day
for a 24-month period starting
September 1. As a result.

Sohio's daily net crude produc-
tion during this period 'will
average about 556,500 barrels
to rise afterwards to 661,700
barrels.

Exxon's .oil interest in Prud-
hoe Bay will now increase .from
20.4 per cent to 21.7' per cent.
Under the agreement, Exxon’s
daiiv crude production Bill in-
crease by 62.000 barrels for the
24-munih period, or about 20
per cent more than current
levels. After two years, Exxon
will .lift 19,000 barrels a day
mure or 6 per cent mure than
currenT levels.

As for Atlantic Richfield, Its
oil share will rise 1J2S2 percent
to 21,664 per cent. The com-
pany will be able to lift 17,000
barrels a day more to 284,000
barrels a day at the same, time
as receiving 57,500 barrels a
day of additional oil for the
24-mun th period.

While the rede termination
will affect Sohio's earnings this
year, t he cumpauy said the
effect would be mi ligated, by
reduced payments tu BP for zts
royalty interest in Sohio's
Prudhoe Bay production. Al
the same rime, ibe company
expect* to recover excess deve-
lopment expenditure or about
$3 15m by the end of this yeaT
and excess operating costs of
abuut S65m are expected to be
recovered by . the end of the
first quarter of next year.

Corning Glass earnings
slide in second quarter

BY OUR New YORK STAFF

NET INCOME of Canting Glass

plunged fruui $2fi.dm ur Sl^U a
share lu sl2.7iu.or fi(J ituls a
share during the second
quarter of 1982, and tine slide
would have been* even steeper
but for a $4.9m capital profit
from the repurchase, iff sink-
ing fund debentures.

Coming’s net income after
six months is pul at $25>2m or
Si. 19 per share, compared with
S5t).4m oi* 52.37 per share in
1981. Last year’s figures have
been restated to inclnde Met-
Patb. Half-year sales were
$752 m against $&27m previously.
Mr Aniury Houghton Jr,
. Altho ugh- net - . income- -fconL. Cuming’s chairman, . said -there
Coming's Associates remained had been a number uf encour-

r datively stable in the period
at $9m, the group's sales' fell
from S399m to $35 8m and its
net .operating mcefcne .ail but
disappeared. * •
lu addition. Coming said that
following the end of the second
quarter. MetPath — a - recent

acquisition — had incurred a

realised loss of $4. 3m before tax
and an unrealised loss of ?1.7m
m ai nl y from unauTborised
security dealings. '

aging signs as" ihe quarter drew
to a close. Consumer orders
'had increased and so had profit- |
ability in Europe. A
’• Operating- .expenses - and
capitid continue under the
closest control since we expeet
a slow summer and only "'* mild t
liirn-up in tbe -fall,’’. Mr Hough-
ton added. At the beginning j
of April, the group cut the pay
of all its salaried employees by
5 per cent.

Avenge price changes-. Pa. day 0 on week 0

CONVERTIBLE Cmr.'Cnv.

BONDS date price

Ajinomoto 5ta 96 7/81 903

Bow. Valley Jnv. 8 95 ... 4/8123.12
Bridgestone Tire 5*» 98 3/82 470

Canon '7 97 - 7/82748.2

Canon 6*4 » V« 829

Chugai Pharm 7*4 SB ... 7/82799.6
Fujitsu Fanuc 4*2.96. •••••1°/®! S641
Furufcawa Elac. SU 96... 7/8J 300
Henson O/S fin. 9b 96 9/81 .1-36

Hitachi Cable 6V 96.' 2/82 515

Hita'chi Cred. Cpn. 5 96 7/83 1612

Honda -Motor B*s 97 3(82 841

Kawasaki 5*4 96 9/5tVB

Marui 6 96 7/W

Minolta Camara 5 66.-10/81826^

Minorca 97 5/K 816

Murau 5*. 96 7(81 2168

NKK 6*, 96 7/Cl 188

Nippon Chami-C. 5 91 ...1D/B1 919
Nippon Elaetne 5*» 97... 2/H «6
Orient. Finance 5*4.97 -■

Sanyo Electric 5 96--.— 10/81 C2
Sumitomo Else. 5*i S
-Sumitomo Met. 5V SB«/W2J29A1
Swiss Bk. Cpn. 8*4 90... 9/80 191
" Konishiroku 6 SO DM ... 2/82 ^
Mitsubishi H. .6 89 DM 2/82 283

Chg.

Bid Offer day
8 Z*» 83*k +0*. :fi.B9
97S 99*j +0*. 88.71
83*4 8S*4.+tPi -OJO
82*. 93^ +Oi-- 1 J 2
87 89 . +2 23.12

98 99*j.-0*».0.99

80 .82 . +.0*2. 13.58
82 83*2 +CP* — 6 J5

IBS 88 +3 -10.1S
84*a 86 +0*4 557

76 78 0 8.68

J1 82*2+1" 4.87

6 II 1 S3»« +W, 13.89
SA 59 s , 0 . 3.78
61^ 63 +2*2 34:iO
176 - 78 +1 32^8

65*4 67*4 -0*. 17^9.

70 71*2 +0*. -2T.89

61 . 63 . .0 23^41

87*,' 89 0 859

86 87*a +1*, 954

84 85*, .+D*> *1288

S3\ 85*. ^0*. 10.14
62*i 54*. +0*. 41.62

71 73 0 27.84

100*, 101>> +W. 859

89% 90% +0*m 2557

• No information available— previous da if A P>nca- .

1 Only one marker. maker supplied t price.,- •
Straight Bonds: The yield is the yield tp jgdMnptpn of the
mid-price: the-amount Issued is in millions of currency

■ units except for Yen- bonds where It. 'is in billions.
• Change on -week “Change -over pncaa week. eerllsK;.-.-
Floating Rife Notes: Denominated In dollars unless otAer-

wise indicated! -Csuporf Shown is minimum. C:dre“pain

■ next coupon bacomss effecnv*. Spread -Margin above
- :six-month offered ratp .(tithrte-monthr.I.-ebdUa mean
' ran) for U.S. dollars. C.cpn-Tha current coupon,

C.yld=The curreni yield. -■ . • ••

Convertible Bonds: Denominated m coders -unless otjter-
wisa indicated- Chg. dsy-Chenga on dey.> Cnv. dM->
First date for conversion into shares. Cnv. price —
Nominal amount of bond par share; expressed in
..currency of share at ccnvarslon rate .fixed .at iaaoa.
Prfim n PercontaB* P rtf in rum 61 ctirftfnt pfrictivs prin
of acquiring shawa via the bond over the most taunt
pries of the shares.

O The FiMneiat Timas Ltd. 1982 . ..Reproduction Ip whole
5 ?. lit pert in any .-form -not : pe wdtad ._w.tl.om J wr«en
consent. Data supplied DATASTBE/W Intarnaifonab^

- -, 3 l. - r —

Molson holds
profit despite -
market slip

By Our Rnandaf Staff

MAINTAINED. . first • quarter
earnings are forecast by Molson
Coa?p«tRfe5i the Cfttfdian brew-
er, despite a smaller share of
the domestic : beer market,
according, to Mr J. T. Black,
chairman of the- group.

Market, .share has declined
marginally to about 37 per cent,
he declared, but tbe. group
should be able to match the
C$1.16 a share earnings regis-
-terefirfor the- first three months
last year, /

However, he told sharehold-
ers that the company expects
“ to show no more than mod-
erate growth in earnings " for
the full year.

Capital spending, meanwhile,
is still ejected to decline in
tbe current 'year- C-to end March
1983) to C$57 m (US$44m) from
fiscal 1982*5 C$65m. Spending
for the .company's brewing
operations' should total about
C$36nv_

Interco falls
for first time
in 17 years

By Our Financial Staff

EARNINGS at Interoo, one ! of
•the largest U.S. manufacturers
and retailers of shoes and
clothes, have fallen for the first
time in 17 years because of tbe

U.S. recession.

Profits 'for the first' quarter
ended May-. 31- plunged from
S25.38ih or $L55' a share to
$16.17m/or; Wi . cents ajshare.
Sales were also lower' at
$609 .27m against $639.43m.

The' company said it expected']
the conditions which hit first
quarter earnings also to
adversely affect second-quarter
figures. .

AHS sells
dental units

By Our Financial Staff-

AMERICAN HOSPITAL Supply
(AHS), the largest U.S. distri-
butor of hospital, and laboratory
equipment,, has sold its world-
wide dental manufacturing and
distribution -interests to.Sybron,
a smarter ' health care group
specialising in dental products,
for a total of $S7m In cash and
shares.. The.'.ilea4. -follows an
agreement in principle an-
nounced last March, .-i : . .:

The transaction which is due
to be completed by Sept-
'ember Sd, v'diies AHS* five U^.-
based dental operations at $66m,
to be paid in AHS common
stock, with an option, to pay
$69m cash. Sybron will piay-
$21 m .cash for the foreign
operations. The five subsidiaries
had. combined sales, of. $9.4m in
1981, yiqldifig: profits, -of $5.4m.

Major Acquisitions inU.S. and Sweden

For the Plili Group, aiworld leader in air
; handling technology, the 1981 fiscal year was cha-
racterized by strong corporate and tin an rial,
growth, strategic acquisitions and continuiiigtech-
nical jffGgress. .

Grou^i earnings, before spedal adjnst-
xnerits and taxes, rose 25 percent, compared with
1980. Operating income, after cost depreciation,
increased 65 p ercerrt, compared with one -year ago.
Dining the year; several strategic acquisi-
.InlhfiUnlt

, „ ?, all.available contracts

for pulp dryers in North America were captured L
byHfifiinl98L ; /

In Sweden, fee acqulsilion of the NUsB.
MIsson heating and piping group has now made ■
HSkt one of the largest jhlfirnaiional contracforshi ■
the healing. ~ventilallon and air conditioni ng field, _ '

Tn nn... J- ] J _•

lions were;

Jni ted States,:

largest single market fdr.air technology equipment,
Fltikt strengthened, its marketing and manufactur-

the largest contract ever fU5.$ 70 M] for dry flue-
gas desulphurization (FGDJ. This was the finh
order to date for FlSktiS new.FGD system, which,
removes S0 2 and fly ash in flue gases in coal-fired
' power stations. Sales successes were also 'achieved
in other fra difintrai Flakt-lieldsi Tn the pulp anrl

which are attracting widespread interest

The year was also highlighted by other '
corporate changes. The Parent Company, AB' -
Svenska Fla ktfabriken, changed its name to
HSkt AB and a new corporate logotype was
adapted.- • -j- • ■ *

As in previous years, the intematlonfil '
Hakt Group avuL continue to seek new growth
opportunities while consolidating and expanding *
its position in established markets.

If you would-like tp knowmore about;
FlSkfs progress in 1981 — and ils potential for
fulirregrowlh- why not write for a copy of our
1981 annual report. A request to our head office^ar
lo the local address below, will receive prompt
attention. _

AWT TAJ. RFPORT TffGHlJf-iUTS

(GBPmfiHcDB, except per-share data) .

INCOME DATA 39KI 3980

-Sales .5BS;6 . ......... 407S

Earnii^s before speidflladfustmahtsfind taxes 2&S 15.4

Tbxes 8*1 SJ

Reported net earnings........ 3.0 3.7

Adjusted net earnings ..v.i &2 .mm../.. ' RS

Per share ....i.4. 1M X66

OTHER, DATA

Orderbookbigs. C03.9 437,8

Order bscklogdycsMiid., ••■•.(.••.■■■.•■■SiS.l ., ., 1 ^,,.,^ 33^*1 -

Invesiznents inproperty, plant and equipment 1 BJ &2

Dividend per share. 0.76..^,„,-.a60-

Emploryees at year-eod 14JS70-... ..... 12yil0

GBF amoiinS feraflated from Swedish kronor: GBP100“SEKlQJ59,

: More flan 70 operating companlesln 27 cotafifes.

, ' Herf office; Box KOtff, SrJMfil StackhDlm, Swed.eii..TefQX 1C43D.

la file ELAKriaS.Stmnes Hottse, 158 Sgh Street, Staines, Middlesex TW184AR. Telex: 2S1554.

The Fluid; Group marn^nctares systems and eqinpmentfor tdr polfction control, ttir candilioning and ventiiotion, bdep*
g-recovezy, indnstrid drying, pajntfmisMng. gramhnndling and storage and other products based on air technology. ,
BStfafeb comprises the Gadmais rtmnp, wtinK -mnrki^s advanced products and systems m snchfiElds as energy ami
eisetromes in Easi Asia and the i^ordic countries. . ...

v

90

Zztapsaffi and Markets

’-Haascial Times Wednesday June 30 1982-

INTERNATIONAL CO MPANIES and FINAN CE

Court rules against

bid

to take over Drouot

BY TERRY DODS WORTH IN PARS

BOUYGUES. the French con-~ ported this view, saying that

«■; ruction group, has lost its
bitter five-month battle to take
ever Drouoi. the country's ninth
larcest ir,su ranee group.

The deafest of the Bouygues
hid came in a surprise decision
by : tie Paris commercial court,
notifying The sudden sale of
fibres In Drouot last February.
Bouygues says it is examining
the details of the judgement’.
b«-t it seems likely that it will
now drop ine 'takeover altempL.
vvhii-n has provoked one of the
Fiiskbcrnest corporate balties
m France in recent years.

’The struggle between the
csrrvt ruction group and the
main shareholders in Drouot
ha’s provided a classic ilustra-
VI on of rhe problems caused by
the labyrinthine financial struc-
ture of some French companies.

Bouygues was able to get a
foothold in Drouot by buying a
slake owned by Pa trim Dine
Participations, a holding com-
pany which was itself ulti-
mately controlled by private
interests through a further
holding structure.

These private shareholders,
?.I .Tean-Claude Aeron and the
Httlinguer family, objected to
tlie sale of the Patriraoine stake
is Drouot on the grounds that
the move should have been put
I.-; a full board meeting, where

the chairman, af Patrimoine
had "surpassed his authority"
in approving the sale.

Bouygues has been ordered to
pay FFr 20.000 ($2,900) in
damages, and will also have to
hand 'back the contested shares.
But in return, the FFr 370m
spent on ihe Drouot holding wifi
be refunded, with interest at
prevailing rates. In an earlier
decision, the court froze both
the shareholding and the funds
paid over by Bouygues untH the
case was settled.

Commenting on the decision.
M Francis Bounties, the group’s
chairman, said that the refunded
money would bea“ positive fac-
tor" for the group

It is likely, however, that the
group will continue to search
far acquisitions which will
allow it to diversify to some
degree away from the building
sector.

One of the fastest-growing
companies in France, with an
expanding overseas business,
Bouygues has frequently empha-
sised its ambitious to extend its
range of activities.

Drouot was regarded by the
Bouygues management as an
ideal partner because it was in-
volved in a less risky business
than building, even though it is
making meagre profits at

Rupert Cornwell in Rome looks at a businessman's approach to an elite hotel group’s profits

Bagnasco storms CigaHotels but of its

IS nothing sacred any longer? for a double room. But until
Resigned tourists to Rome must the arrival of Sig Bagnasco. Ciga

have wondered earlier this
year, confronted by the spec-

had been living largely on its
reputation, its slumber

tacle of red flags and rousing disturbed only by a touch of
revolutionary music issuing farce in 1979 when its previous
from loudspeakers rigged up owner, the Rome-based property
outside the Excelsior and-Grond group SGI. announced its sale
hotels, two of the most espen- to a subsidiary of Ireland's Aer

sive hosieries of the capital.
Inside, service was often all

Lingus — only to have the
alleged transaction swiftly

but paralysed by a four-month denied by the p re-announced

strike which dragged on until
April.

The disruption, however, was
but the most visible sign of the
crash-cure being imposed on
Italy’s CigaHotels by its proprie-

buyer.

Sig Bagnasco finally took over
in fate 1980. in a deal reckoned
to have cost his group some
L50bn Today, Fimpar,

a subsidiary of Interpret gramme

tor of 18 months. Sig Orario owns 50. 94 pci; cent of Ciga.

Bagnasco, the Swiss Genoese
founder of Interprogramme, a

with :he remainder spread
among 7.400 shareholders. Si:

thriving property fund, and for Bagnasco*? arrival was a sur-

twn turbulent months until
.Tune 17 a deputy chairman of
the now notorious Banco
Ambrnsiono.

Almost since its foundation in
190fi by the Venetian aristocrat.
Count Giuseppe Volpi, anxious
to endow the lagoon city with
hotels commensurate with its
prestige, Ciga has embodied
Italian tourism at its smartest.
Apart from the Grand and the
Excelsior in Rome? its 19 hotels

prise, and his motives are still
not certain — a passionate com-
mitment :o the hotel trade, nr
merely a shrewd deal, paving
the way for a lucrative future
resale cf an efficient, highly
profitable Ciga? The answer,
perhaps, is a bit of both.

“There's no point denying
it.” says Sig Bagnasco. 44 Our
lop priority is to have an invest-
ment that makes money.” None-
theless the new broom at the

include some of the most hotel group is nothing if not

it would have been rejected, present against Bouygues* FFr
In its judgement, the court sup- 219ra last year. .

Swiss bank secrecy pact

ZURICH — Switzerland's bank- illegal activities. It will he
ing secrecy will be eroded effective for five years, starting
riirh'ly as a result of an agree- from October 3.
merit announced yesterday The new agreement includes
beV.veen the Swiss bankers' the following elements which
association ana the Swiss were not in (he aid one: —
centra! bank. • Banks will be required to

The pact renews and slightly check the identity of clients
tightens an expiring code of who ask to transfer funds
conduct to which Swiss banks from one currency’ to another
have voluntarily adhered since when the amount involves
1*.»77. It also extends the life of SwFr 500,000 ($236,000) or

z commission which has the more.

jower to impose fines on banks • Access to secret data albout
•hr. violate the agreement. clients and their accounts win
The accord, like its predeces- be available to fewer people
sor. is aimed at making it involved directly or indirectly
ii.TwuIt for banks' clients to with the banking industry,
engage in transactions tied to AP-DJ

enchanting and expensive in the
world: the Gritti and Danielli
in Venice, and the Villa Cipriani
at Asolo to mention but three.

Of its guests, seven out of 10
are foreign, ready to pay sums
in the region of $200 a night

thorough, and the targets noth-
ing if not ambitious. Last year,
Ciga earned Llbn on revenue
of LlOabn (S75m). la 19S2.
despite the strikes, net profit is
forecast to rise to L5bn on
revenue of about Lllobn. Real

CigaHotels runs some of the most enchanting hotels in the
world, including the Daniell In .Venice '

take-off is expected In 1983, second heads five, separate, ser-
when, says Sig Glafranco vice and marketing companies.
Tinelil, Ciga's planning -while the third looks after ine
director, turnover should hit six overseas offices of Ciga.
Ll60bn ($115m), to generate handling promotion, and reser-
“ notable " profits. vatuma. The latter will 1m

The first step has been a streamlined by a computerised
sweeping overhaul of the struc- centralised booking, system,
ture of the group. Before, the employing the General Elec-
new team oF young executives in trie's of the U-S., ratercca-
charge argue. Ciga suffered tinental transmission network,
from excessive bureaucracy, - Another task was to tackle
and over-centralisation. the losses of Lllbn ($Sm> a

Now the parent company has year, equivalent to LU‘,000 or ?S
been turned into a holding com- per meal served, run. up by the
pany at the head of three divi- catering side, an area among
sions. One handles the day-to- the most profitable fo t Ciga's
day running of the hotels, each luxury hotel -rivals 'like Hilton,
with its own director. , The Here the intention is. to

rniifin^iifp the services <m offer,
jed to. .switch : he. emphasis from'
elaborate '* intern? Soiral" cook-
ing. to more pt:re]y Italian fare.

But a common thread running
through. a!l Ciga’s difficulties
.wag what the pew management _
swiftly . ider.tiljed as' ah excess
of staff. Ciga previously was em-
pioyin.e 2,7. people per occupied
■room. -a quarter '-as much again
as ifs main, rivals. Labour costs
accounted for Cl per cent of the
concern's entire fixed costs.
Hen re the decision , to slim the
total workforce by a quarter,
shedding over. 5S0 jobs— and
hence the strike, finally settled
with an agreement .committing'.
Ciga 'to a. new investment pro-
gramme. including the new con-
ference centre in Rome, and the'
reopt- rung of Florence's Grand.
Horel..c!csed in 1974. The group
is also looking . for buying
opportunities, in .Italy. For their .
part, the unions agreed to
greater flexibility, and a pro-
gramme of incentives: .

Cisa . meanwhile intro-
duced up-market packages ib an
effort . to lift occupancy rates
from today's 59 per cent to ,g6
per cent or more. These -range
from tennis courses on the
Venice Lido to wild boar bunt-
ing nexr its Park Hotel at Siena.
Win the reap© prove success-
ful?: “We’re in the transition
period." says a Ciga executive.

“ We've made- the cuts, and may
be the . -servk-e ■ has- suffered
temporarily. It's op to the

Ijetter organisation to make up
the difference. We’ll have to
wait until 1983 to see the real
results-”

Sig Bagnasco and his men are
acutely aware of the danger of
throwing out the baby with the
bathwater — that in the pro-
cess of. modernisation, Ciga
could lose its reputation -for the
excellence of its individual ser-
vice. For this reason, there is

little emphasis on headlong
expansion abroad, “Ciga Hotels
will remain for the elite." says
Sig Bagnasco. Instead, the
group is exploring the path, of
franchising.

In other words, Ciga would
sell its know-how and techniques
to hotels- abroad, in return for |
a payment equivalent to 4 per |
cent to 6 per cent of income j
from room letting. One such
negotiation is already at an f
advanced stage, with .Equitable :
Life Insurance of America. The (
latter plans to build ten small,
high-class hotels in the U.S..
which would then receive the
Ciga imprimatur.

In that way not only Ciga, but
the entire Italian tourist in-
dustry, the largest in Europe,
and' the second in -the world
after the UJS., might benefit
“ Italy today is a high-cost
country, and should concentrate
on high-class tourism," says Sig]
Bagnasco. “ We simply can’t go
on . in 1982 with a tourist in- !
dustry run on . the lines of the
19th century.”

f p

; \ »

•’ a i

x

! i ■

if!

■t [
i: f

ii!

|J!

v

?•:

MloftlieseSccuniics have hecasald. TImajmomxciMttc$pcattaEaimtlmof record orXy.

US. $75,000,000

American Express Overseas
Finance Company N.V.

14 V* % Guaranteed Notes Due 1989

Poymcxf tfprindptdcaidintcrcsS

Decision soon on Akzo project

BY WALTER ELLIS IN AMSTERDAM

AKZO. the Dutch-based chemi- Dupont's aramide monopoly. priale to pour money into a
cals group, may shortly begin Dupont first made its break- new venture just as others were
work on a FI 600ra ($2 13m) through .in aramide in the late being closed, ami many people
project which by 19S6 could 1960s. Akzo has claimed, how- were being made redundant
make it a world leader in the ever, that it developed the pro- Talks have started again, now
production of aramide fibres. duct independently and has dis- that the restructuring haiS- been
Aramide, an advanced variant puted some of Dupont’s patent underway for 18 months. It is
of nylon, is as strong as steel rights. thought likely that- the Govern-

but six times lighter, and has In 1977. Enka established a ment of Mr Dries Van Agt —
considerable potential in such pilot plant at its research which is in office only until the
areas as plastics reinforcement, and development centre in General Election of September
car tyres and ropes. Arnhem. This proved success- 8 — will be keen Id help a pro-

Afczo's fibres division, Enka, ful. Two years later, the division ject which has considerable
expects a decision from the started talks with the Govern- profit potential at a time of
Dutch Government within weeks ment on the question of state enduring economic recession,
on its request for substantial aid for the projecL It is possible that the

aid for the project, which is By the end of 1980. however. Government will object to the
believed to be as much as Akzo was ready to announce its fact that the proposed project
FI 300m. A positive response major restructuring plan for the would employ only 400 people,
could lead to the break-up of 1980s. and it was felt inappro- But against this, it is planned

to site it jointly in E rumen and
Delfeijl. two towns in the de-
pressed far north of the coun-
try . for which successive
administrations in the Hague
have sought increased employ-
ment.

Akzo is looking for a 50:50
joint venture with the Govern-
ment. It may, however, have
to settle for less unless it can
convince the authorities that
the return on their investment
will extend beyond 400 jobs at
FI 750,000 each.

American Express Overseas Credit
Corporation Limited

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COUNTY BANK

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SALOMON BROTHERS INTERNATIONAL

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SVENSEA.KANDELSBANKEN
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SCHEQDEKS & CHARTERED

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BrM

Norcem ojrens
year with
wider losses

By Our Oslo Correspondent

NORCEM, the Norwegian
cement and building material*
group, -reports a pre-tax loss
of NKr 72m ($11.4m) for the
first four months of this year,
compared with a loss of NKr
52m a year ago.

For 1982 as a whole, however,
the group expects a pre-tax
profit of about the same level
of last year’s profit of NKr 53m.

The increased- loss in this
year’s first four, months Was
blamed mainly, on a.- negative
development regarding the sale
of stoves and fireplaces 'and also
regarding erosion control sys-
tems and services. In addition,
it was stressed that this period
of the year normally represent
a slack activity in the Nor-
wegian btriBiog industry.

' Sales in the first four months
amounted, to NKr 97Bm, op
from NKr 924m a year ago. The
upward trend was attributed
not least to increased sales of
products and services to the
offshore oil industry, which has
become gradually, more im
portant to the group in the
lastlfew years.

Elf Aquitaine profit up

WT OUR FINANCIAL STAFF

HALF - YEAR consolidated
profits ■ of Elf Aquitaine, - the
French s^ate-owned minerals
and energy group, have im-
proved- by 14 per cent from a
corresponclirc FFr • 2.07bh '. to
FFc 2.371m <8343m). *'

M-. Altai n Chalandon. the.
■group's chairman, warned
shareholders at the annual
meeting 1 in Paris yesterday,
however, that a significant im-
provement in' -second half
results is unlikely.- He added,
without eUaboratitig; that the'

yearly results will not be suffi-i

dent to finance planned invest-!

ment

Consolidated net profit, for;
the whole of 1981 amounted to

FFr 3.69bn on turnover of FFr

104.4bn. ... ' . |

M Chalandon revealed that
refining and distribution losses

rose! to FFr 2.7bn in 1981' from'

FFr L5bn a year easflier. But
he said the takeover of Texas-

gulf 'has given Elf a firm base

in the U.S. and provides a
■favourable factor

Cogema hit by stagnation
in nuclear fuel demand

BY OUR PARIS STAFF

STAGNATION In demand for
nuclear energy left Cogema, the
French state-controlled nuclear
fuels group, with a deficit last
year.

The levelling off of the
nuclear market was shown in
the group’s turnover figures.
I which rose by only 1.4 per cent
j from FFr 6.9bn to FFr 7bn
j (Slbn). As a result, the com-
! pany incurred net losses of
FFr 277m, against profits of
FFr 159m in 1980.

.Cogema, wholly owned by the.
French Atomic Energy
Authority tCEA). was hit
partly last year by the drop in
uranium prices. It was also
affected by lower than expected
demand for its enrichment
facilities in Eurodif,

Despite these setbacks and
predictions erf. a relatively tough
time over tbe next few years.
M Michel Peoqueur. chairman,
said the group remained finan-
cially strong. Last year. FFr
670m was charged to depreci-
ation, and there was- FFr 540m
provision for losses on currency
exchange.

Investments also increased by
45 per cent to FFr 1.5bru of
which FFr 885m was spent on
the nuclear fuel- re treatment
at La Hague. -

M Pecqueur said Cogema was
to restart discussions with
Pechiney-Ugine-Kuhlmann, the
recently nationalised metals
company, over the reorganisa-
tion > of the French nuclear
fuels industry.

Lufthansa forecasts better results

LUFTHANSA, the West Ger-
man airline, will finish the cur- .
rent business year with better
results than in 1931, AP-DJ
reports from Cologne.

Herr Heinz Ruhnau, the com-
pany's new managing board
chairman, said he was con-
vinced that despite the air
transportation industry’s diffi-
culties. losses on route service

will shrink this year
The company is no longer
burdened by the previous year's
large capital investment of
DM 1.2bn and- aviation fuel
prices have nof risen as sharply
as expected; The company has
also been able' to boost prices
anywhere from 5 per cent on
domestic routes to over 7 per
cent elsewhere.

and now, he cannot bear
totumacomer

Six-foot-four SergeanTlfriy' G'-t-rTe, BGNL, was perhaps the
brave?; man. his Colonel oyer knew. '

Bui now. after secihg icrvfceTri Aden, after being booby-trapped
an-.i a-neu$>.ed n Northern Ireland. Sergeant ‘Tiny cannot bear to
iuci a comer. Ftir tear of w het. Is on the other side. -

li the brawsr men and women from the Services who suffer
.most from mental breakdown. For diey have tried, each one bf them,
to give more, much more, than fitey Could in the sendee of our County.

Vue. iock .lifer these brave nun aid women. We help them at
home, anc ;n rtcsprtak We run our town Convalescent Home and,
ior tho se who are homeless an d cannot look after themselves in the
comm unity, our Hosfel gives perm^ntaccbriimodatlon. For others.

EAJ .1. - _ i . - 9

These men and u omen. have glven-lhtir'mbicls to their
Country, ff'wie are to help them; we mii^ fwve funds. Do please
help us with a donafiori, and.wflh a legacy too, per baps."Ilie debt
is owed by all of us. -

.. "Thev'L'e giaen more than they could —
please ‘j ive as much as you ran?

€C-S€RUI«S
Uj«LFflR€SOCiny

37 Thurioc- Street, London SW7 2LL T^:01-584-8688

U.S, $50,000,000
Floating Rate Notes Due 1988

In accordance with the provisions of the Notes,
notice- is hereby given that for the interest period
from June 30, 1982 to December 30, 1982 the v
Notes will carry an Interest Rate of 1 7& : per &nnurfl.

The interest payable on the retevsnt interest '*
payment date, December 30, T9S2 againstlGoupos
No. 4 wilt be U.S. $43,843-75 per Note. ’ * '

Agent- 'Banks • ■'.-

Morgan Guaranty Trust ^

■. • . Loudon

✓

'■••'“■■ i— ■-»

F ina nc ia l Times Wednesday June 30 1982

Conpanfes ni Markets

23

INTERNATIONAL COMPANIES and FINANCE

for peace among
shareholders

MITSUBISHI- ELECTRIC had a
placid IS-minute annual share-
holders' meeting yesterday
despite charges brought last
week that some employees had
paid U.S. undercover agents for
details of the latest technology
of . International . Business
Machines.

’ A rousing shareholders"
chorus of “ ryokai **■ — ure agree
—greeted Mr Nihacbiro Kaia-
yama, Mitsubishi Electric's
president, .when he asserted
that there ' was “ no infringe-
ment .of the law.” Some 260
shareholders attended.

. Hitachi, ■ the other Japanese
computer company involved in
the case, fared even better on
Monday. Its meeting of some
.400 shareholders lasted 13
minutes. The lone attempt by
a shareholder to ask a question
was shouted down by fellow
shareholders chanting “ move
to the next item."

Today is the last day of the
72-hour peak of Japan’s annual
meeting season. Some 470 com-
panies -across the country will
have met their shareholders in
this period. Almost without ex-
ception the meetings will have
been, brief and trouble-free
with the boards' proposals
unanimously endorsed. -Rarely
do these events last longer than
20 minutes.

This .order and harmony is
often achieved by the liberal
use of paid supporters, sokaiya.
The literal translation is gadfly,
but it can also mean racketeer.

Sokafya extract money from
companies in which they hold
a few shares by threatening to
disturb shareholder meetings
with embarrassing questions.
Alternatively they undertake to
smooth out the meeting by
wa rifling off troublesome ques-
tions from other shareholders.

The National Police Agency
estimates that 70 per cent to
80- per cent of shareholders
attending meetings are sokaiya.
About 6,300 of them are at work
in Japan organised into about
500 groups. The rapid rise from
about 4,200 a decade ago mir-
rqts Jhe. . country's rapid
earadmic- growth.

SypicaF- payments to keep
quje^-aboiit redundancies, in-

BY YOKO SH1BATA IN TOKYO

dustrial pollution, the pecadil*
loes or executives and other,
such subjects -fall into the
Y 100.000 to Y200.000 ($400-
?80Q) range.

The largest recorded pay-
ment to a single sokaiya was

Sokaiya are Japanese
shareholders who
demand money for their
co-operation in company
annual meetings. They
are out in force this year,
the last before new laws
severely hamper them/

■» V

YlOm (540.000). Total budgets
of YiOOm per company are not
uncommon.

Daiwa Securities surveyed the
1981 annual meeting of 609
companies and found that 131
had each paid off between 100
and 200 sokaiya. A further 77
had dealt with more than 500.

The onset of the sokaiya
season in May and June is
marked by the growing
numbers of visitors to the cor-
porate affairs offices of major
corporations. The reception
rooms, fill up with pin-stripe
suited men, many sporting dark
classes and some facial scars.
An active sokaiya can visit 10
companies in a day.

Shareholders meetings are
open to anybody holding shares
with a minimum par value of
Y50 (20 cents U.S.). The grow-
ing use since the Second World
War of Western-style meetings
has given Sokaiya a rapidly ex-
panding market.

Over the years Sobaiya's tac-
tics have becomr increasingly
sophisticated. Most operate
legally under the guise of busi-
ness consulting Arms, economic
research institutes or publish-
ing companies. They solicit
sanjokin — “contribution
money " — in the form of con-
sulting fees, or subscription and
advertising payments.

But the infiltration in recent
years of these businesses by the
underworld has become a grave
concern to the National Police
Agency. This has led to a re-
vised commercial code which

Salinas y Rocha, S. A.

v.

(Incorporated in the United Mexican States)
□5525,000,000

;• • • Floating Rates Notes due TW8

'In -'accordance whh the provisions of the Notes and the Agent
Bonk' Agreement between Salinas y Rocha, 5.A.. and Citibank, NA
'dated December 23, 1981, notice is hereby given that the Rate of
Interest has been fixed at 174% pj. and that the interest payable
op the relevant Interest Payment Date. December 31, 1982. against
Coupon No. 2 in respect of U5.S5.000 nominal of the Notes will be

U5.S453.6t.

Jw» 30. T982

Byr 'Citibank NA-. Agent Bank

OTlBANiO

[ ' U.S. $100,000,000

GenFinance N . Y.

(Incorporated with limited liability in The Netherlands)

Floating Rate Notes Due 1992

'Guaranteed oh a Subordinated Basis
as to payment of principal and interest by -

Societe Generate de Banque S.A ./
Generate Bankmaatschappij N.V.

(Incorporated with limited liability in Belgium)

(n accordance with the provisions of the Notes, notice is
Ky given that for the six month Interest Period from
30thJunefl9S2 to 30th December, 198* the Notes will
canyan I merest rate °fWo annum .and rihe Coupon
Sunt per U.S. S10.000 will be U.S. S876-87.

Credit Suisse First Boston Limited
Agent Bank

U.S. $25,000,000

*

ITED overseas
sank LIMITED

( toemx *™*™* 9 RBpubfk: ofSin3apom)

itingFfate Notes Due. 1.989

"hmnihat for the three mourn

rest Rate ofl jmk September, 1982 and the

S43-7*.

Credit

■Agent Bank

will outlaw, them from October.

The new minimum par value
of a ' shareholding, allowing
entiy^tfl a * meeting will be
Y50.000. The revised code also
specifies fines for people who
make provocative- announce-
ments during a meeting.

Company executives will face
fines for providing any sort of
payoff or benefit such as patro-
nising bars and restaurants run
by sokaiya.

Faced with a far tougher mar-
ket come October, the sokaiya
are particularly active this sea-
son.

The Tokyo Metropolitan
Police Department has
responded to this increased
activity by trebling to 940 the
number of staff assigned to
shareholder meetings during the
peak three days this week. The
number ol companies requesting
a police presence at their meet-
ings has trebled this year to
940, the police department said.

The more determined sokaiya
seemed to have found a loop-
hole in the new laws. They are
constituting themselves as poli-
tical organisations since a
donation to such a body need
only be declared by a company
if it exceeds Ylm.

The Tokyo Metropolitan
Police Department recognised a
total of only ten political
organisations in the spring of
last year. The number escalated
to 110 this year.

Narrower

margins

slowLTA

growth

. By Our Johannesburg
- Correspondent

LTA, . the major South
African construction and
engineering company, which
is controlled by Anglo Ameri-
can Corporation, .was affected
hy narrower margins and
higher interest rates in the
year ended March 3L
Turnover rose hy 42 per
cent, to BSBOrn ($755m) from
R607m, but operating profits
before interest and tax rose
hy only 34 per cent to R225m
From R 17.1m.

The company's interest bill
rose to R4.2m from R386.000,
which meant that profits be-
fore tax hot after interest pay-
ments advanced by only 11.4
per cent to HI 8.6m from
RIG. 7m.

At the end of March, the
value of uncompleted work
on hand was K897m com-
pared with R705m a year
earlier. By Jane 28 this year,
however, the amount bad
fallen to R760m, refecting a
marked slowdown rn the rate
of ordering of civil engineer-
ing and construction projects.

A total dividend of 35
cents a share has been de-
clared from gamings of 1Q1
cents a share. In the year
ended March 31, 1981, earn-
ings were 83 cents a share
and a total dividend of 30
cents a share was paid.

Australian Woolworths in
A$200m bid for Grace

BY OUR FINANCIAL STAFF

WOOLWORTHS, the major
Australian stores group, has
made a takeover offer worth
about A$200m. (U.S.J2(J6ra) for
Grace Brothers, a competing
chain.

A fierce battle for control of
Grace has developed in recent
weeks with four groups each
taking shareholdings of about
18 per oent in it

Woolworths, which is un-
connected with F. W. Woolworth
of the UJS. and the UK, has
made its offer conditional on
the acceptance of 51 per cent of
Grace stock.

The offer consists of a share
and convertible note deal which

values each of Grace 4T.4Sm
common shares and each of its
10.25m convertible notes at
about AS3.50, roughly the level
seen in recent heavy trading of
the stock.

Woolworths will offer nine of
its ordinary shares plus six con-
vertible notes worth A31.62 each
for seven Grace shares and/or
convertible notes.

Officials of Woolworths and
Grace were not immediately
available yesterday for comment.

Grace Brothers said last week
that about 72 per cent of its
shares were in the hands of four
groups.

The Grace family and com-

pany pension fund had 17.7 per
cent of the shares and 8.6 per
cent of the non-voting con-
vertible notes.

Savona, a Canberra-registered
company which is representing
the interests of Tan Sri Khoo
Tech Fuat, the Singapore
banker turned hotelier and
developer, has 1S.1 per cent of
the shares and 27.5 per cent of
the notes.

Bond Corporation Holdings of
Perth has 18.2 per cent of the
shares while Adelaide Steam-
ship Company, which like Bond
is heavily involved in retailing,
has 18.2 per cent of the shares
and 17.9 per cent of the notes.

Currency gains boost Kao Soap

BY OUR FINANCIAL STAFF

KAO SOAP, a major Japanese
detergent manufacturer, has
reported a 74 per cent rise in
consolidated net earnings for
the year ended March, partly
because of foreign currency
gains.

Net earnings climbed to
Y5.26bn ($20.6m) from Y3.02bn
a year earlier. Sales rose 14.8
per cent to Y294.14bn ($1.15bn)
from the previous fiscal year’s
Y256.33bn. '

Favourable foreign exchange
conditions resulted in a Y500m
gain.

The profit rise also reflected
recovery from ‘a poor perform-
ance in the previous jrear when
price increases forced by spiral-
ling material costs combined wth
poor sales resulting from the
unseasonally cool summer to
hurt the earnings.

Kao is hoping that the current
fiscal year will prove to be even
better. It estimates that net
earnings, will climb to about
Y5.8bn on sales that are
expected to total some Y314bn.

• Ohbayashi-Gumi, one of

Japan’s top five integrated
construction companies, has
reported net earnings of
Y10.65bn (£43m) for the year
ended March compared with
Y7.93bn a year earlier. .

Turnover rose to Y687.43bn
(S2.7bn) from Y655.22bn.
Operating profit was Y34.99bn,
compared with Y34-8bn, while
pre-tax profits rose 34 per cent
to Y24.91bn.

The company forecasts net
profits for the current year of
Yll.lbn on sales of Y706bn.

Profits up
24% at
Banco
Atlantico

By Robert Graham in Madrid

BANCO ATLANTICO. the
largest of the 18 banks con-
trolled 1 by the Rumasa Group,
has announced a 24 per cent
increft'c* in pre-tax profits in
1981 to Pta l~5bn ($13.4m).
This pro.tf* -increase is slightly
below the average for the Mg
seven banks- but Atlantico
was able to raise its share of
the market .marginally to 1.7
per cent.

During the year deposits in
pesetas increased by 19 per
cent and in foreign currency

by 41 per cent to total Pta
159bn. The profit perform-
ance was attributed tn the
persistence of hig'h interest
rates and the bank's success
in holding down operational
costs.

Atlantico achieved an increase
in productivity by holding the
workforce steady at 3.546. yet
managing to open 14 more
branches. International busi-
ness -also played an important
part, accounting for 25 per
cent of lotal business.

Of the pre-tax profit. Pta 634m
will be set aside for dividends
and Pta 510m for reserves,
raising total assets by 4.8 per
cent to Pta llbn.

Rumasa now owns directly and
indirectly 57 per cent of
Atlantico. which was formerly
linked to Continental Illinois
of the U.S.

Company Announcement

92nd ANNUAL GENERAL MEETING OF THE CHAMBER OF MINES OF SOUTH AFRICA

Mining expansion plans reflect
confidence in South Africa

This is an abridged version of the
address by the President of the
Chamber of Mines of South
Africa, Mr L. W. P. van den Bosch,
at the 92nd annual general
meeting of the Chamber, held
in Johannesburg on June 29,

1982.

L. W. P- van den Bosch

President of the Chamber of
Mines of South Africa, 1981-82

The South African mining
industry last year failed to match
the exceptional. results achieved
in 19S0. but nevertheless. -
performed well in the far less
favourable circumstances of 1981.

Although mineral sales
declined in value from the level
achieved in 1980, they were still '
40.7 per cent higher than in 1979
and the industry continued to
expand, with capital expenditure
by producing gold mines alone
reaching a record R1 222 million
last year, 32.5 per cent higher
than in 1980. .

The scale of expansion reflects
the industry's confidence in the
future and although South
Africa’s economic growth rate
almost halved last year from a
peak of about 8 per cent in 1980 -
and since then has contracted
further, the country should be
able to look to a gradual revival
of the economy in the wake of an
expected improvement in mineral
export earnings from next year
onwards as the industrialised
nations move out of the current
recessionary phase.

The capacity of the mining
industry to help generate and
sustain economic growtlj will be
particularly important in the next
few years, as whatever blueprints
emerge from the current
discussion on constitutional and
other reforms, continued stability
in what appears to be an
increasingly fluid domestic
political situation will rest
heavily on the degree to which
the economic aspirations of the
population as a whole can be
accommodated.

The Gold Market

The pendulum which in recent -
years has favoured investment
in gold swung theother way in
1981, resulting in a feU in the
average price of gold on the
London market from U.S.$613
per flne ounce m 1980 to U.S. $460'
last year, with the price falling
from an average of U-S-5557 in
January to U.S.$410 in December
1981. '

. There.were, however, some
significant geographical
variations in the demand lor gold*

investment demand being
relatively inactive in Europe and
the U.S., but surging strongly in
the Middle and Far East.

While the fall in the gold price
in 1981 had a severe impact on
Investment demand it was offset
to someextent by the increase
in the demand for gold jewellery,
resulting from the lower gold-
price and the reduced volatility.

A total of about 756 tons of gold,
including recycled scrap, was .
used for this purpose, as against
518 tons in 1980. The favourable
trend has continued into this year
and at the present stage it can
reasonably be expected that more
than 800 tons of gold will be
fabricated into jewellery during
1982.

Sales of Krugerrands increased
to over 3.5. million ounces in 1981
compared with 3.1 million ounces
in 1980. This is a fine achievement
in view of the gold price
performance, high interest rates
and intensified competitive
activity during the year. The
total revenue earned in 1981
dedin ed marginally to
R1 475 million from

- RI527 million in the previous
year as a result of the lower gold
price. The success of the
Krugerrand range of gold coins
is attributed to the widespread
international appeal of the four
denominations of the coin, of
which a total of about 40 million

/have now been sold worldwide.

’ While Europe and north America
remained the dominant
Krugerrand markets, the rapid •
growth of demand in Japan and
the increased allocation of coins
to the South African market both
played a significant role in the
overall results. '

In the first five months of 1982,
sales of Krugerrands were over
400,000 ounces higher than the

- 1.2 minion ounces sold in the

• corresponding period of 1981.
Despite the recent imposition in
the United Kingdom of a 15 per
cent Value Added Tax, which is
likely to affect this market for
several months to come, it is

. expected that improved
, Krugerrand sales will in total he
maintained for the rest of this
year.

The offtake of small gold bars
in the East for industrial and
investment purposes, particularly
kilo bars, led to a shortfall in
world refinery capacity for
production of such bars in
1980/81 and this trend has
continued for much of the
current year.

• In order to take advantage of

• this situation the Chamber sought
and obtained approvalirom the
authorities to produce and
market high purity four-nines
gold bars of 1,000 grams each.
These kilbhars, as they are
■known, were available for sale
frojp this month and to date
3JD00 bars have been sold, but

it is the intention of the Chamber
not to disturb the existing
market for such bars.

The demand for gold at current
price levels would seem to
indicate that the physical market

- could, unless there are substantial
price increases later in the year,
comfortably absorb newly-mined
production entering the market

and thereby provide a firm
foundation for a resumption of
an upward trend in the gold
price. Much will of course depend
on the speed and nature of the
economic recovery in the
Western world.

Labour

In the field of labour and
industrial relations the past year
has seen intensified efforts to .
combat the skilled manpower
shortage through stepped-up
training programmes in the
mining industry for all its
employees and an initiative to
secure an improved industrial
relations arrangement which will
enable the better utilisation of
all the human resources at our
disposal, irrespective of race.

This latter development
followed a comprehensive
analysis by the Chamber of the
major industrial relations
problems facing the mining .
industry which identified certain
issues requiring industrial
relations structures, including
the collective bargaining system
in operation, the question of
freedom of association and the .
future of the dosed shop and the
need to allay employees’ fears
about future job security.

In August last year therefore,
a series of meetings was
commenced with the 11 employee
organisations to debate these
issues. Subsequent to that the
sixth report of the commission
of Inquiry into labour legislation
(the Wiehalm Commission) was
published recommending that
race discrimination in
employment in the mining
industry be abolished by
replacing the definition
“ scheduled person ” in the mines .
and works act with a non-
discriminatbry definition of a
“ competent person ”, provided
that seven conditions could be
met.

This was followed by the
publication of a government
white paper in which the
Chamber and employee
organisations in the industry
were urged to take the initiative
to reach agreement oil the
changes required within a
reasonable period of time.

An analysis of the matters
dealt with in the Wiehphn
Commission’s sixth report and
the government white paper
showed that many of the issues
which the Chamber was already
discussing with the employee
organisations were also matters
which would have to be tackled
if agreement was to be obtained
on the changes to the Mines and
Works Act contemplated by the
Wiehahn Commission.

To date a number of meetings
have been held with the 11
employee organisations, but
progress in reaching a consensus
on tiie resolution of these major
issues has unfortunately been
slow.

Unfortunately, given the
ecrtremeJy serious plight of the
mining industry and the national
economy as a result of drastically
reduced mineral earnings in the
course of this year, it is not
possible to maintain the high
level of wage increases to which
employees have become

accustomed in recent years.

The Outlook

South Africa's mining industry
was, for the most part, able to
accommodate the very high
inflationary cost increases during
the 1970’s, since the prices
received for its major products,
notably gold and diamonds, rose
ahead of the rate of inflation
which prevailed.

This situation has suddenly
and dramatically been reversed,
underscoring the essential
wisdom of repeated warnings by
successive presidents of the
Chamber that since the industry
cannot control external market
forces it should strive to secure
its future so far as possible by
rigid control of costs.

During a period of rapid
expansion, higher revenues,
shortages of skills and generally
high inflation, this has been
extremely difficult — working
costs on the gold mines alone
rose by more than "75 per cent
over the five-year period
1977-1981 in which the general
rate of inflation increased by 65
per cent.

At the same time, real benefits
did accrue as the industry seized
the opportunity provided by
higher gold prices to increase
wages, improve the living and
working conditions of employees,
stabilise the labour force and
embark on capital expenditure
programmes designed to extend
the lives and earning ability of
the gold mines.

However, the adverse economic
situation which both the country
and the industry now face
provides an opportunity for
consolidation, as, hopefully, many
of the factors I have mentioned
which have contributed to the
inflationary spiral will start
abating.

■Expansion plans on the
operating gold mines have
already been trimmed by about
15 per cent and will remain at
roughly the same level as last
year; there has been a discernible
easing of the skilled manpower
shortage; the level of wage
increases accorded in the more
difficult circumstances of the
industry this year has been lower
and a degree of improvement in
productivity has accompanied the
increased stabilisation of the
labour force.

• The economic potential of
South Africa remains enormous.

If the necessary wisdom and
discipline caii 6e applied in the
economic sphere to realise this
potential, then I have little doubt
that the solutions which are
necessary in the political field
will be that much easier to find.

CM

The full text of this address,
in English or Afrikaans, is
available from: The General
Manager, Chamber of Mines of
South Africa, 5 Hoilard Street,
Johannesburg, 2001,

24

Financial Times Wednesday June 30 1982

TECHNOLOGY

EDITED BY ALAN CANE

MARK MEREDITH and MAX COMMANDER look at the latest developments in oil drilling .

How to make efficient boles in the earth’s crust

A SQVU5T - DESIGNED,
British developed, raad-
powered machine is trying to
make a hole in the expanding
market for deep well drilling
equipment.

Drilling tens of thousands
of feet into the earth for oil.
gas. water, mineral samples
or for geothermal energy can.
roughly speaking, be done
two ways.

The most common way to
Westerners is to have a drill
bit churning into the rock at
the end of a long pipe which
Is turned by a powerful
rotary motor on the surface.

The other method, exten-
sively used in the Soviet

Union, uses a drill motor

actually down the bole with,
the driving force right
behind the cutting drill bit.

Drilex Downhole Motor arrangement

Power

Unit

Intermediate

Transmission

Bearing
Pack

Top
connection.

valve

Rotor/.

stator

Couplings.

Irrtermetfialo
shall .

Bearing flow,
control valve

Radial

bearings

Thrust,.

bearings

Output.

shaft

Bit

connection-

Vital issues drilling far
below the surface are the
'material strengths and power
involved in turning the drill
as well as the speed of the
drill with its associated prob-
lems of vibration, friction and
wear.

A cutting edge for the
operator too is the cost
involved in drilling where the
lease of equipment, especially
offshore, is hugely expensive.
Plant hire of this kind can
cost 3100,000 a day.

Speed and efficiency are
essential. But new systems
have often found it difficult
to make headway in the con-
servative world of drill opera-
tors who prefer tried and
tested systems.

Drilex is an Aberdeen-
based' company with a convic-
tion it can win converts to its
down-hole drill motor. The
company is 50 per cent owned
by the John Wood group and
50 per cent by Drilex UK.
both offshore service
specialists.

Mr John Forest, a director
and technical director of
Drilex has developed the
H D " series of down-hole
motor which he says is cap-
able of drilling a hoie in half
the time of conventional
systems, in same cases.

The market is a big one
with only one per cent of the
footage drilled in the U.S.
carried out by down-hole
motors. About 80 per cent of

the Soviet footage drilled on
the other hand uses the
system.

The motor involves packing
the drive equipment for a
motor into a pipe 33 feet long
and able to fit down a drill
hole.

The motor mechanism is
rather like a corkscrew fitted
loosely into a casing with a
corresponding screw thread —
a thread Inside a cavity of
similar geometry.

The equipment Is powered
by drilling mud. pumped
under high pressure from the
surface down inside the drill
pipe to the motor and through
the spiral gap between the
threads of the ecrkscrew and
the Inner casing to turn the
corkserew and drill bit.

The mud Is a mixture,
SO per cent liquid and 20 per
cent solids. It must be dense
enough to maintain the pres-
sure on the wall of the hole
and prevent cave-in or blow
outs where gas leaks Into the
hole- and rises up expanding
as it goes.

The mud passes through
the motor and out through
the teeth of the bit removing
the cut rock and passing back
up the drill hole on the out-
side of the drill pipe to the
surface where it is filtered
and reinjected.

B ann ing with mud how-
ever, presents one funda-
mental problem — it is rather
like running an engine on

Fight back on screwdrivers

BRITAIN is fighting back on the
screwdriver front This is the
patriotic message from the
Desoutter Group of London
which intends to seize a part of
the market for torque con-
trolled electric screwdrivers.

It may not he generally
known but apparently, the
“ growing market ” for such a
tool is dominated by one Japa-
nese manufacturer. But his is
manual lv switched with the
dutch operated by a mechanical
spring-loaded system. When

the spring can no longer hold
the clutch against the power of
the motor one of the two
sections it holds apart makes
contact with a micro-switch
which brakes the power supply.

But those devilishly clever
Desoutter people have designed
a screwdriver with electronic
control. This ensures that when
tbe preset torque has been
reached the clutch disengages
and tbe motor is switched off
—instantly.

I suppose that if you happen

to he a collector of screw-
drivers. ancient and modern,
you will understand all this. It
may interest you to know that
the Desoutter model can deal
with all screw materials (non-
ferrous. steel, ceramic and
most kinds of plastic). All can
be fastened to a required
preset torque consistency of
between 0.4 and 3.4 Nm. It
also has a noise level of less
than 60 db (A).

Patriotic screwdriver buyers
should ’ohone Peter Tobitt on
01-205 7,050. PIC

Straw boilers
from Denmark

Two hollers rated- at 2S0.000
ETUs and 400.000 BTUs have
been dc-veioped by the Danish
Institute of Technology for
firing by straw bales, but will
aiso use household refuse or
wood. Exeneo of Aldershot has
sole distribution rights in tbe
UK and the Irish Republic.

The first installation in the
UK will he completed at the
end of this month. FuLJ details
from Exenco (07356 6588).

A . .Associates

mm &

‘ vt-'

Corpbration f-
ofNortfvAmericai^

"■A... ,v ■*> ,

'<?*r • ••VAGuft.r- Western Company.?

Financial Highlights for the Nine Months Ended April 30, 1S82

Nine Months Ended
or at April 30.

k Increase

1982 1981 ( Decrease)

Income More prevision for (U8**mo U naimi»uun«

Income taxes and unroaflzed
foreign currency

translation loss* $ 104,346 $ 85,532 22%

Net income* 64,341 45,591 41

Stockholders’ equity 830^73 77B.Z77 7

Finance receivables
Commercial and industrial

Financing $2*87,200 $3511,420 14

Consumer Financing —

Consumer Operation.. ....... 2£89£t2

Diversified Services

Operation. 457.275 345.497 32

Total Receivables. 56,034^87 S5.750.157 5

•During the third quarter of fiscal 1982, The Associ at es adopted the Statement of Financial Accounting Standards No. 53. "Foreign CurrencyTransIaftjn“
effective August 1, 1981. Under the new standards, the unrealized effect on The Associates’ financial statements cf translating assets and iiaailies
denominated in foreign currencies into United States currency is no longer included in the determination ot net income. The accounting charge decreased net
income that would otherwise have been reported for the nine months ended Apnl 30. 1982 by 5335,000. Financial statements lor Denods prior to August 1,
1981, have not been restated. For the first rme months of fiscal 1961, the Company reported an unrealized foreign currency translation fossa' S5.3 zrnllian.

2,873250 (6)

Nine Months Ended
or at April 30.

1982 1931 ( Decrease)

(US S Amounts in Thousands)

Unearned finance income....... $1,227,307 $1,111,297 10%

Percent of Related

Receivables 27.30% 2820%

Allowance for losses

on finance receivables 152£83 153.9Q3

Percent of Net Receivables ..... 3.16% 3£0%

Finance Volume
Commercial and Industrial

Financing $3,760,332 $3,242,012 17

Consumer Financing —

Consumer Operation.. 1,369,614 1,923,717

Diversified Services Operation. 338.158 304 ,eco

- Total Volume $=,488,154 S5.470.529

0)

(29)

11

Consolidated Balance Sheet

ASSETS

April 30.

1982 1981

(US $ Amounts in Thousands)

Board of Directors

John M. Befit

ChmtesG.Bluhdom-

_ Chairman of the Board,
Belk Stares Services, Inc.
. Chairman ol the Board.

Cash

Marketable Securities

Bonds and Notas, atamorfizad cost (market— 198&

$235263,000; 1981. $139,8«4M0)................. $ 265,500

Stocks, at market (cost— 1982/

$6249,000: 1981,522,239,000)

Total Marketable Securities $ 270.181

Finance Receivables
Commercial and Industrial Financing
Heavy-duty ; truck installment receivable? ........ .,

Other industrial installment receivables. 14144,794

Factored receivables and loans to factoring clients . .

Commercial loans

Wholesale short-term loans.

Consumer Financing

Real estate instafimant Joans. 1,510,174

Direct installment loans

— Consumer operation 862,128

— -Diverstfted Services operatxm. ......... ......... 457,275

Other instalment recavablas

Total Finance Receivables ..................

Allowance for losses.... *■•■•.... .. .... .....

LIABILITIES AND STOCKHOLDERS’ EQUITY

Notes Payable unsecured short-term

Reserve tor Insurance aahnB and Benefits ..........

Accounts Payable and Accruals

Credit Balances of Factoring Clients and Deabns . .....

Long-Term Debt unsecured

StocfctiokfsfS* Equity

Class S Common Stock SI 00 par vdk». £000,000
shares authorized, 1 <004000 shares outstanding.....
Common Stock, no parvaiue, 5,000 chares authorized,

2 OT shares outstanding, ra stated value

Paid-in Capital ................................

HnliJnrtrl T~i I.. if. II ■

pQumOu tamings
Unrealized Foreign Currency

Translation Adjustments

Unrealized Appreciation (Depredation) of

Marketable Equity Securities..

Total StodkbokfersI Equity

$ 52351

$ 71,085

$ 2GS50Q'

$ 231.782

4.681

23.850

$ 270,181

$ 255,632

$1,095,257

$ 981.302

1,244,794

1,003,304

161,832

150.653

267,480

294,112

117,837

112,049

1,510,174

1,395,760

882,128

1.149*87

457,275

345*97

217.510

328*03

SSJOMfiBT

$5,760,167

(1,227,307) (1.111297)

11523881

(153.9861

54,954,092

$4/134^84

322,040

302.112

S5.299.Z54

S5.123.713

$2,161,809

SZ.100J948

135,031

151,681

185,164

.172819

115,399

1,871,488

VBijoaa

$ 1ODJ30O $ MiyiOO

47,037

47,037

287,581

283^15

39450

346J65

335

—

(1.128)

1.100

$ 830373

S TTSJZT7

$5.29926*

S5.123.713

Dc Floyd A. Bond.

Gull Hr Western industries. Inc.
; Dean Emeritus

Graduate School ot Business Administration
end the Donald C. Cook
Distinguished Professor of Business Economics,
The University of Michigan

Mart&iS. Davis., Executive Vice President.

Gulf -t- Western Industries, tea
John H. Duncan -.Chairman of tea Executive Cornmatee.

Gulf -f Western Industries, tea

WfiEemA. Gateway Executive Vice President,

Associates Ccrparalian of Nerlh America

Don E Gaston Executive Vice President;

Gulf -*■ Western industries, tea

Keith W. Hughes -

. Executive Vice President.

James E. Jack.

Associates Corporation of North America
’Vice President,

Associates Corporation cf North America

DavfdN.JudBtaon — President,

Gulf +■ Western industries, tea

James J. Kertay Visa Chaim an ami Chief Financial

Officer. Emerson noctric Company
Ronald J. Krause ,, ..President.

Judd Leighton.
Abu B. Loner.

Asso ci ates Corporation of North America

rrf

Bervda Industries, tea

.Senior Executive Vice President.

Associates Ca-pcralicn of fiorth America
Dan WE Maddox- Corrai-tant ard Retired Chairman.

Associates First Capital Corporation

Harold D. Marshall Executive Vice President.

Associates CcrporaScncf North America

BateLMamnn Chanrren3ftro3oaidand

Ctuef Executive Officer,
teterFsst Corporation

BudcMohBl i Chairman of BreBearcL

Daniel tetemaLenal Corporation

R»ce A, Overcast*, Jfc Chairman of the Board,

Associates Carporatusi d North America
Robert D. Rogers President,

Texas hs&rstnes. tea
—Private Investor

Johan Trotter.

Offices

CORPORATE — 1 Guff 4- NewYerfc, NY10023

ADMINISTRATIVE — P.O. Sax Z22322, DaTaS. TX75222
UNITED KINGDOM SUBSIDIARY— Associates House.

P.O. Bex 200, Windsor. Berkshire. SL4 1SW

sand. The solid matter
exerts considerable wear on
the motor.

Drilex has reduced this
wear through the use of
ceramic coatings on the steel
to be more resilient to wear
and the use of carbon . fibres
for greater strength in some
fittings.

The short -life of a motor
qsed to. be one of its main
drawbacks. Some would only
have a life of 10 boors before
they would have to be drawn
back np the hole and 'opera-
tors want to avoid time spent
palling equipment out of the
hole. The “D” series
developed by Drilex claims a
life of 100 hours or more.

The motor Is called a
positive displacement motor
referring to Its direct drive
mechanism.

Where Drilex feels It has
the edge not only over
conventional methods hut
over the otter 10 or so down-
hole motor manufacturers in
the world is the factors of
high torque and low speed.

Torque is the turning
strength 'of drill- It also ex-
plains the huge strains pot on
a conventional drill pipe
thousands of feet in length
taming Inside a constricted
hole. Bather like twisting an
elastic hand, the actual torque
at the drill end can often be
five to eight times the twist-
ing strength at the rotary
motor on the surface.

The strains on the drill pipe
are a constant worry for the
operator. The lack of high
quality steel able to withstand
these pressures was a key ■
factor which led Soviet scien-
tists to develop the downhole
motor which eliminated the
strain on the drill string- -

In terms of drilling rate
the down-hole motor can eat
its way by as much as 120
feet an hour. This compares
with examples of three to 60
feet in some conventional
rotary systems, according to
Mr Forrest.

The low speed of the motor
enables It to use any system
drill biL Other down-hole
motors have much', greater
speeds limiting the range of
bits they can use.

Drilex sees as - Its main
target the lapd-based drilling
rig simply because there are
more of them although there,
are cost advantages to off-
shore work. And deep hard
rock drilling downhole
motors have been' used in
numerous operations under
(he sea-beu.

Anti-lock

braking

system

LUCAS GIRLING is Che first,
and so far only maker to win
UK Government vehicle type
approval for an anti-lock
braking system for trucks,
buses and other heavy
commercial vehicles.

Crane Fruehauf, the leading
trailer maker, with which Lucas
has ben collaborating, has also
received comparable approval
fo ra trailer fitted with a similar
device for controlling air-
actuated braking systems.

The Skidchek system is a
logical extension of regulations
that come into force / for
vehicles produced after
October 1. Among other things
these specify a load modulation
system that provides balanced
braking of the- tandem axle
whether the vehicle is ladea
or unladen via a load sensing
valve.

The regulations also intro-
duce a 0.4 second response in
a two-line braking system^ od
eight braking applications after
the engine, which supplies com-
pressed air. hag ceased running,
and still retain 50 per cent of
air.

They do not however, go as
far as Skidchek in eliminating
the “jackknifing” of articulated
lorries and other manifesta-
tions of skidding. Lucas Girling
claims that the extra £200 or
so the more advanced: system
costs over what new regulations
recovered through reduced tyre
make necessary can be
wear and maintenance costs.

The original Skidchek system
has been adopted by almrisT an
fire services and oil companies'
tankers, and more up-to-date
versions are being built into
new trailers and vehicles. •

Crane Rruehauf has so far
■built about two dozen trailers
with ihe Skidchek as original
equipment, and Wallace Arnold
has just taken delivery of six
Volvo coaches.

Wallace Arnold had the first
coach, a Leyiand Tiger, fitted
with the anti-lock device.
Approvals are awaited from
Volvofi Daf. Ford and Bedford,
with the two latter systems
operating on hydraulic or air
brake lines.

Among the basic elements of
Skidchek are an electronic con-
trol module, a memory con-
trolled relay valve, an exciter
and monitor light. The exciter
is a metal disc built into, jhe
axle huh which activates a seri^
sor when wheel deceleration
reaches a predetermined thres-
hold.

Existin'? models are of ana-
logue variety, but work is pro-
ceeding on a digital version that
should .eventual!*- reduce the
size to about a nuarter as well
as enhancin'* efficiency. •

• PETER CARTWRIGHT

Jftlas Copco

Compressed AirTechndogy

Profitfrom

ourespesneace

Heme} Hempstead
{0442)61201

First for
London

Fitting the suction adaptor to a Weir downhole pumpset: at
the company’s Alloa, Clackmannanshire plant

Reliability

standards

WEIR PUMPS of Glasgow, with
assistance from British
Petroleum, the British National
Oil Corporation and the Depart-
ment of Energy, has ■ developed
a new high power downhole
pump which, it is hoped, will
set new standards of reliability -
for raising oil and water from
deep wells.

Weir believes that even in
. the very harsh operating condi-.

• taons of many oilfields the
pump should have a working
life several times that of an
equivalent electric unit result-
ing in a potential annual saving
of £lm or more for each pump
in operation.

Mr J. D. Sinclair of Weir says
that the pump has an hydraulic
drive which makes possible a
unit about one-tenth the weight
and length of existing elec trie-
ally driven assemblies of the
same power. In some examples
this can mean a unit 10 ft long
as compared with some elec-
trical ones of. 100 ft

First test with a full size
320 hp prototype started in
April last year. After 450 hours
of test-bed running, including
230 stops and starts at. tempera-
tures between 80 and 90
degrees C % with the unit
mounted at various attitudes
and dirt in the circuit, it was
difficult to find any appreciable
deterioration.

Subsequently. In July last
year the prototype was installed
2.000 ft below ground at the -
Energy Department's geo-
thermal weH at Matchwood,
Hampshire.

Arrangement of the Weir
downhole pump In. the well:
(1) - Hydraulic power fluid
pump (2) filter (3) well out-
put (1) wen head (5) casing
(6) production tube (7)
hydraulic power fluid supply
tube (8) downhole pumpset
(9) hydraulic power fluid out-
let to production tube (10)
pump discharge to production
tube (II). seating packer (12)
oil floir Into well

The. trial ran for 2,000 hours

and now a unit Is to be used in 2,000 to 15,000 barrels a day at
a Middle East oilfield where it beads from 1.000 to 4,000 ft

will raise hot saline water from
a deep aquifier for injection
into the oil bearing formation.

Mir Sinclair says that his
company how has units avail-
able to run inside 7 inch dia-
meter tube for flows from

■■For larger wells "designs are
available for pumping up to
100,000 barrels- a jday in larger
casings,- . ' .

The . Weir- Group is at
Cathcart, ” Glasgow . (041-637
7111).- MC

LONDON WILL be the first;
city in Europe to use a low
power digital microwave radio
system developed by DCC as
part of Mercury, the private
business telecommunications;
network now under develc
ment .

DCC. part of tbe M/A-Coi
group, hopes -that its part of the
Mercury system, called Rapacj
will 'be operating early nes
year to satisfy the existing
demand for high speed digit
communications within. Londoi

Subscribers to the Lend or
system will need a roof top disi
aerial to pick up the data wbief
is transmitted via a central
transmitter called a node. Thij
has a six mile broadcast radii
and transmits tbe high speet
data as packets of inform atioj
each carrying a special addresi

Only the aerial with the righ
address for each data packe :
can decode the signaL

Businesses will be able, t >
recive and transmit data a t
speeds up to 160 times grexte :
than that attainable in ordinar r
leased telephone lines, DO 1
claims.

The company says that the
new system will make the ofte i
talked about concept of elec-
tronic offices communicating
automatically with each othc r
a practical, and economic %
proposition.

It will pave the way for higtfa
speed facsimile transmission- -
with dozens of pages sent over
the network a minute — phis
high speed, computer data arid
video-conferencing. •

Detector

THE MEASUREMENT of liquid
and sofid levels in vessels and
tanks to a height of 33 feet
is possible using an ultrasonic
detector from Fischer & Porter
of Workington, Cumbria.

The detector is made up of
two units: a transmitter and a
transponder. The transponder
generates the high-powered
ultrasonic sound waves within
a span of 3. ft «o 22 ft More
information on 0946 S3061L

Twisters

A NEW range of “Twistronie "
two for. one twisters and ttirect
ca biers is now available from
Cobble Muschamp, a division of
Gobble Blackburn.

The machines in 400mm and
600mm gauges are intended for
use with large format supply
packages in the medium to
coarse count areas of synthetic
staple and filament and for fine
to coarse denier industrial
yarns- More from 0254 55121.'

UNION DE BANQUES ARABES ET FRANQAISES

Balance sheet
as at 31 December 1981

( French Francs )

ASSETS

Cash, issuing houses.

Treasury, Post Office current accounts
Banks, financial institutions and corporations
Treasury bills, securities received as collateral
or bought firm

Crpditto customers • . -

Customers' debit accounts
Cheques and bills far collection
Suspense accounts and sundries
Securities transactions '

Mafretable securities .

Investments in subsidiaries and associates
Subordinated loans

Fixed assets •

Total assets:

LIABILITIES

Issuing houses. Treasury, _

Post Office current accounts
Banks.fi nancial institutions and.corporatrons
Securities given as collateral or sold firm
Customers' credit accounts
Special savings accounts
Accounts payable after collection
Suspense accounts, provisions and sundries
Bonds

Subordinated loan issue

Reserves

Capital

Profit for the year

Total liabilities:

: 198 P .-

1981

885548000

1 406404000

15 273222000

23090632000

185721000

167360000

• 5024 765000

7234 573000

- 46071000

61858000

99334000

95396000

737 242000

- 935157000

11071.000

— .

288332000

- 493448000

.46909000

46944000

122000

19492000

-76132000

22617707000

33608026000;

1980

- 1981

3298775^00

3902953000

14071183000
; 803399000
1571531030

1 7687003
99334003

23928668000
• 1 222 800 000.
2033163000
1899000
95396000

. ' 824331 OOP

1191114000

829560009

698522000

•150000000

150000000

. 63523000

. ,80051000

250000000

1

250000000

- 38404000

53660000

22617707000

'

33608026000

GjmflralMeei^o held on April 29. 1982. at tho banlrt naw hand often IBOavenue
rw pj? unanimously approvad tho batomre-sh wtantrJccOunts to- thay nor

previous year; * r31 ‘ 1981, whlch « how od a net profit of Ff M, 659,855 aflamst FF 38?

decided to cflstritfole adi/idflnddfFF27,SOaobOao*nst!

Mr Ta „'S,d^ “ VE “° “ > h ” 11

{pr _ 2KSU«3? !l 2 a ^ naritm * J 9 , y raiiRed me Board's proposal to renew for aJi

Pf ?£; ■ memt5Cr * ol the Bos id: Dr Mohamed-Mahowud ABUSH>

^SSSSS ShES 0, Mr ftitnck HAIZET and l h . Co™»

o! n'lrnruif^f^ 1 - ! <>t h . 9 .r gE P >u,IDn •Pfllte Extraordinary General Meette&heid an Ihaaami

1,739 tor mo

22.500.000 in 1B80.
vacant after -• •

or 3 years the
I. Barique
Bank df Syria

[de» the Board

icttHe Board for- '

riii frii ei a .i limes Wednesday June 30 1982

M

M

a c:,. ^
? lr %
1 -%

-^ti-Kor

COMMODITIES AND AGRICULTURE

Indian tea

forecast

down

Bjr P- C. Mahan ti in Calcutta ■

CHAIRMAN of Tea Board Mr
B. K. Goswami bas repeated his
earner forecast that the Indian
tea crop this season Is likely to
be short by at least ISkn kilos
compared with the past year's
550m kilos. ■

The bulk of tbe otuput loss
wiK be in South India where
ah unusually • long and severe
drought has hit the tea crop so
. hard that the south Indian out-
put over the first four months
of this year shows a sharp drop
. bf.llAm kilos to 27j2Bm. The
drop is one of 28 per cent The
north Indian crop was r unning
some 15m kilos behind the pre-
vious year's figure at the end*of
last May according industry
estimates. Since then, monsoon
has broken in .Assam and the
crop is likely to have recovered
some ground during the current
months hut wiH not have made
up for the overall drop in the
Indian, tea crop so far.

Britain eats
- more chicken

financial limes Reporter

-POULTRY meat sales reached a
record £8Q0m last year and it is
now the most popular meat in
Britain, according to figures
published yesterday.

. .In the last 30 years poultry
-meat bas come from being the
least consumer meat, well below
beef, pork and lamb, to the
cumber one ■ spot, said Mr
Maurice Trew, Chairman of
"British Chicken, the marketing
cooperative representing lead-
ing producers.

About 80 per cent of all poul-
h 7 eaten is chicken and por-
tions and further processed pro-
ducts are the fastest growing
sectors of this market, account-
ing for about 90m birds worth
more than £150m a year.

, • About 5m '.shale chickens are '
also sold every week. House-
wives are switching from beef
to larger birds, weighing be-
tween 4Ibs and 51bs, for the
traditional- Sunday roast, said
Mr lYew.

Copper recovery spurs
producer price rises

BY RICHARD MOONEY

THE RALLY in* London Metal
Exchange copper prices accel-
erated yesterday with the high
grade cash quotation gaining
another £26 to end the, day at
£783 a tonne. The price has
now regained £92.75 since sus-
tained speculative selling drove
it to its. lowest level for four
years at the beginning of last
week.

Yesterday’s rise stemmed
from overnight strength in New
York which encouraged' cover-
ing against earlier speculative
sales and new buying based on
" bullish ” chart patterns.
Dealers said the renewed
strength in gold, physical
demand from East and West
Germany, and covering against
sales to China, were other fac-
tors influencing, the market

The reported Chinese . pur-
chases were the first for some
time, they noted.

The recovery in the copper
market bas encouraged several
producers to raise their list
Prices following earlier sharp
cuts. Asarco has lifted its price
from 65 to 66 cents a pound
while Inspiration copper has
gone up U cents to 65 cents a
.pound. Noranda’s price has been
I raised by 2 cents to 67 cents a

pound.

The LME price rise for cop-
per was followed by lead and
Mac. but there was a decline on
• the tin market, which bad risen
sharply on Monday in a con-
tinued reaction to news that the
new International T5n Agree-
ment. (ITA) was . to go ahead
after all next month. 'After
Monday’s £375 rise cash tin fell
back £165 to £6,850 a tonne
yesterday. Dealers attributed
the fail to profit-taking by
specula tore following the earlier
upsurge.

-Jonathan Sharp In Bangkok
writes: Malaysia, Thailand and
Indonesa. whidh between them

- supply about two thirds of the
wpriri’s tin, announced last
njgftt they bad agreed on teams
for their new Association of

- TUn, Producing Countries, sub-
ject to the approval of their
respective governments.

A joint, statement issued after
a day-Jong ministerial meeting
between the throe countries
said the accord would be form-
ally adopted and signed on
August 2 at the headquarters
of the Association, which will
be an Kuala Lumpur or Jakarta.

Tbe joint statement, couched
in vague terms, said: “T he

Agreement provides an essen-
tial framework to ensure re-
munerative returns to produc-
ers and fair prices bo consumers.

“To attain those objectives,
the agreement provides for
several institutional and finan-
cial arrangements including
measures to Intensify research
and development on the uses of
tin and to strengthen marketing
through joint approaches for
direct marketing and improve-
ment of market intelligence in-
formation,” it added.

Tbe statement said that the
activities of the association
would serve to enhance the
functioning of the sixth Inter-
national Tin Agreement, due to
come into provisional force on
Jill? 1.

Malaysia, the world's biggest
producer, reluctantly agreed to
participate in tbe sixth ITA, but
required the immediate forma-
tion of the Producers* Associa-
tion as a quid pro quo in case
the ITA failed to improve the
price of tin.

The joint statement said other
tin producers were invited to
sign the producers’ agreement
on August 2. or to join tbe asso-
ciation at their earliest conveni-.
ence. Bolivia has said it intends !
to join.

U.S. farmers fear for Soviet pact

BY NANCY DUNNE IN WASHINGTON

THE HARDENING American
line on trade with the Soviet
Union, dramatised by tbe depar-
ture of Secretary of State Haig ,
has seriously alarmed farmers
who had hoped for a new long-
term grain agreement between
the two superpowers.

The Secretary’s resignation
forced the cancellation this
week of a meeting scheduled for
discussion of a new grain pact.
Secretary of Agriculture Mr
John Block and President-
Reagan had been expected to
attend tbe meeting to discuss
tbe possibility of setting negoti-
ation dates with the Kre mlin.

Farm organisations had
already feared the worst. In its
newsletter set out last week,
the U.S. Wheat -Associates noted
“ the willingness of the Admin- .

istration to inflict serious long-
term damage on an ■' already
dangerously weakened U.S.
economy in striving for obscure
and likely unobtainable foreign
policy goals.”

It -said the Adipic istration
had neglected to consider the
“ dismal failure" of the 1980
embargo on grain sales to tbe
Soviet Union and tbe 20-year
embargo on trade with Cuba as
well as “the historic ability
of the Soviet people to endure
hardship.”

A poll of all main farm
organisations conducted by Mr
Michael- HaD of the Com
Growers Association found
every one, waft the exception
of the American Farm Bureau
Federation, in . favour of
negotiations for a new part.

However, Mr Hall concluded
that there is only a 50-50 chance
that the President will extend
the current agreement, due to
expire on September 00, and
little chance of the Administra-
tion going forward with new
negotiations.-

.As a fallback position, farm
groups are supporting “sanctity
of export contracts ” legislation,
introduced in various forms by i
several farm state senators and 1
congressmen to assure the I
Soviets that contracts would not ,
be cancelled by embargo.
Although Administration 1
officials have threatened to veto
such legislation, the Senate
Committee on Banking. Housing
and Urban Affairs will hold
hearings on the proposals next
month.

Sugar
market
steadier •

By Our Commodities Staff

RAW SUGAR futures on the
London market were steadier
yesterday with trade buying
lifting the October position
by almost £7 above Monday’s
level. In the morning the
London daily price was set
at £164 per tonne up £2 on
the previous day..

In Brussels yesterday the
African, Caribbean ' and
Pacific (AGP) group of sugar
exporters accepted a 9-5 per
cent rise in guaranteed prices
for their sales to the EEC,
reports Reuters
Tbe A C3P decided to 'drop
demands for a 35 per cent
Increase after being offered
the 9.5 per cent which is in
line with tbe recent farm
price increases agreed for
within, the Community. These
countries are linked to- the
EEC via the Lome Conven-
tion and sell about 1.3m
tonnes of sugar to the Com-
munity each year.

Discussions between the
EEC and the U.S. Trade
Representatives* office over
accusations that the Commun-
ity is illegally subsidising its
sugar exports are to continue,
say American officials.

Brazil may
accept coffee
pact changes

By Terry Povey

BRAZIL bas indicated that it
may accept proposed changes in
the new International Coffee
Agreement according to dele-
gates at the London meeting. A
consensus is required by mid-
night tonight in order that the
new agreement can come into
effect from September 1983.

Earlier this week Brazil had
said that it wanted its export
quota restored to 35 per cent
instead of the present 30 per
cent. In subsequent discussions
it showed a degree of flexibility
on this point provided that the 1
current share is maintained.

Brazil’s 1982 crop has been
badly hit by frost and the April- i
July harvest is estimated at 1
17.6m bags compared with last l
year's 33.7m bags. I

DRIED FRUIT

Greece manoeuvres
the market

WHEN AN American crop
failure had caused prices for
dried fruit in Britain three
years ago to approach £1,000 -a
tonne, it seemed that .after a
decade of pricetmtting among
the big three suppliers—
Australia, Greece arid Turkey
—tbe scene was at last set for
a touch of consumer-resistance.

In the event, Australia
caused that prospect to be
averted by setting • . opening
values for 1980 at. about £825
a tonne for top five-crown
grades and slightly lower for
four-crown. Greece- and , Turkey
fell into line, though Turkey
more so than Greece, which was
following a policy of keeping
levels up in anticipation of join-
ing the EEG.

Last year, having harvested
only two-thirds of its usual
tonnage and with quality lower,
Australia's ‘influence receded.
Greece was now receiving both
EEC and domestic farm sub-
sidies to the extent of 14 per
cent She used them not, as
might have been expected, to
make her fruit more com-
petitive but rather to enable
exporters to seek higher prices
than they would have had to
do if returns had depended on
the market alone. Australia was
further disadvantaged by the
strengthening of its dollar

. BY A CORRESPONDENT

against sterling.

This year, with a crop of
72,000 tonnes and an export
quota for Britain likely to
exceed 12.000 tonnes, Australia
is recovering some of its
former volume dominance, and
buyers who were dismayed at
last year's fall in quality have
hailed the present crop, now
starting to reach the UK in
quantity, as excellent.

Australia remains, however,
at the merqy of Greece on price.
This season receiving EEC sub-
sidies of hstween £56 and £76
a tonne, and faced with a world
surplus of dried fruit. Greece
used tbe flexibility conferred by
that aid not to raise prices but
to lower them. Critics of this
action maintain that EEC
assistance should be used to
promote dried fruit rather than
to gain unfair competitiveness.

Under the influence of the
Greek policy, prices for South
African fruit, marketed about
tbe same time, and supplies
available around the world,
Australia set its rates at aboftt
A$l,150 (£676) a tonne for four-
crown sultanas and A$1.130
(£665) for three-crown, cJi.

This compared with A$1.500
a tonne for tbe best of last
year's rather disappointing
offering and a 1980 ceiling of
A31.625— though the Australian
dollar was weaker then and

sterling values relatively lower.

Greek prices for this season
had opened in late 1981 at
around US$1,100 (£620) a
tonne, and at that level many
British buyers lodged their
orders, only to find In early
May that the Greeks, who had
led traders to believe they
would- hold those rates until
tbe end of July, were now cut-
ting them, for fruit comparable
with the Australian grades, to
the equivalent of £560 a tonne.

Although Turkey’s 1981 crop
was believed to be almost fully
sold, rates for her fruit fol-
lowed tbe others downwards,
somewhat to tbe market's
surprise.

Australia offered its sultanas
this year in two allocations.
Disposal of the first went
satisfactorily, but the Greek
move, which has been criticised
for d amag ing confidence, has
pat brakes on the second,!

This season having shown
that price-cutting bas overtaken
inflation as a factor in buying,
wholesale® may tend to work
on a hand-to-mouth basis
rather than plunge into forward
purchasing. If Greece's carry-
over and tiie output of the main
producers remain high, further
downward pressure would be
put on prices. Many in the busi-
ness would like nature to inflict
shortages.

Natural rubber increases market share

BY OUR COMMODITIES STAFF

GROWING EVIDENCE of an
increased market share for
natural rubber at the expense
of synthetic rubbers is a
positive sign for producers.
Land ell Mills Commodity
Studies says in the latest issue
of its bulletin. - -
In an analysis of rubber con-
sumption in the U.S. for the
early part of 1982 Landell Mills
finds that there has been a 4
per cent growth in demand for

the natural as opposed to 10 per
cent for the synthetic product
A change in the relative prices
of the two is assumed to be
the main reason.

This change took, place when
both the tyre and- non-tyre
sectors were in decline and
when the output of heavy tyres
which contain more natural
rubber) was falling more
rapidly than the output of car
tyres.

Commenting on the threat by
natural rubber producers to cut
exports in order to improve
prices Landell Mills argues that
until adequate information is
available on the actual levels
of exports this will have ‘little
meaning."

Problems in monitoring pro-
duction and exports, especially
from Indonesia to Singapore,
make establishing a baseline for
rubber sales very difficult

; " •:,+

LONDON OIL
SPOT PRICES

" , J gr;

CRUDE OIL-FOB « per barrel)

ArabtenUght. 31.80 1+0.05

Iranian Light £0.75-3 1 .Bffl -

Arabian Heavy [29.80 | —

’ North Sea (Fortlew J3S.40-33.G# + 0.13
AfrleaniBonny Li 1 ht+S3. 75-33.8 K— 0.10

PRODUCTS- North Went Europe

CIF (S per tonne)

Premium gasoline... 1336-345 [+2.5

Ga*on...JT.r„„ £75-382 +0.5

Heavyfueloll 1169-171 | -

GAS OIL FUTURES

Prices initially continued their rise
supported by stranger physicals: The
market tell beck, sharply on ■ weak
New York opening, report! Premier
Man.- • ■ - ’ ~

UnMh | Yast’day'sR- or Buatneaa

Month ofoM _ Bona

*UA
per tonne

June [ 277.00

July ; 281.50

August...... 283.50

BRITISH COMMODITY MARKET

BASE METALS Turnover: 438 tonnes.

-2JI379.M-77.00
-OJfl|885JO-80.7G
— 28IL5&82J0

3epL 284.00 +O.1SU98J0.SSJQ

Oct J 288.25 +OJS;2BajU6JO

Nov 288.00 — 1.D0389.2M8J0

Dec 290.00 — - MOJO

Jan 293.00 +1JQ — ■ -

Fab 295 JO + 1.B0 —

Turnover: 1.794 (975) Iota of 100
tonnes.

GOLD MARKETS

rjG^d jose $71 to $31CL3IIi in In Luxembourg the 121 kilo
• ^ London bullion market yes- bar was fixed at the equivalent
.-tewiay. It opened at $311 $-3 12$, of S310.75 per ounce, against
jrat^vais- fixed' at $310.75 in the $303.25.

:.^dnun&. end S309 in the 'after- In Zurich gold fizfished at
-W^TTlfe metal touched a peak $30&308.

;*gKa33^14i, and a Low of $307-

- -."In Paris the 12j halo gold bar LONDON FUTURES.

: was fixed at FFr 67.500 per kilo

1 ($305.48 per ounce) in the after- Month V

noon, compared with FFr 68,250

; {$309.16) in tbe morning, and £pertx>y ■

FFr 67,500 ($303.43) Monday Au ust laimsL&o *3.»a i83.2WJ.flO

afternoon. . sept-mb 1 rii83.05 3.00 +*jas -

■ : in Frankfort tbe 12| lalo bar ortober...lia5.2D-s.wl+s.3w —

Was fixed at DM 24,835 per kilo Novombaniav.oaTjfl+s.iM iss.oo

'&aim per ounce) against SJjJSJjfS _ .

®M ; 24,435 ($304.99-) previously.

-ind " closed at 53071-308J, com- Turnover. 556 (2*1) lota ol 100 troy
jlS&a yrHh $3&3i-3Mj. ounces.

COPPER VALUES surged ahead on die
London Motel Exchange with three
'months metal extending -the gain over
the pest six trading days to around
-£100. .Yesterday forward material
touched £810 but eased beck to close
at £804 ae Initial speculative buying
was fallowed by profit-taking. Lead
and Zinc rasa in sympathy, with Lead
additionally boortsd by news of the
Aaarco producer price rise and finally
£336. Currency considerations
restricted gains in all .three metali.
Tin was erratic and dosed at £6,900
having touc hed £ 5.800. while Aluminium
ana finally £579 and MckeL £2.967.5.

WghGrd

Cathodes

ijn. + or

p.rtu H

! Official —

Unofficial

£ £

*

.. 7S9^-603+&7fi

756.6-7^ +

i 782^3 rtJX

77B-.80 f

: 760.5 fE

—

. 7WLM*

745-7 +

i 774-B *1

.769-.71- +

; 76 ZJS

— *

■v-*aa.7* .

■ ji hJi - v -r
-

June 29

June 28

Gold Bullion (fine ounce)

ii— ausMJp. ®Eft-S 5 .«BSS 2 , "‘ SSiiS

631 i3a-3i2i»
I fixing.. -18310.75
an fixing. |83 09

(£180 if -181)

(£179.936)

(£179.3341

1*303-303

S303A0

1*303.75

(£1762e-177)
iei7 6.879)
(£176.578)

Mmu

Vjfrpleleaf

•.•few Sov

$32114-322
316618-166 *
$8414-85 >4
33414-3514
832114-323*4
S74-741a

Gold Coins June 29
(£ 186-1B51 b) IWngSov
<£9614-96) Victoria Sov

(£48 la -49) French 20s

(£I9V20>4) 50 peos Maofc

(£185.W<> wfp-.Auet

l£42 3 a -43) 820 Eagles

(£43-4318)

875-77 (£43-481*)

673Xe-7&3*(£42 4-43 64)

83821-3844(2

_-306«* _

8368-373 (£212-215)

ana

COMMODITY
BROKERS
Specialists in
Commodity and Currency
-Discretionary Accounts
: - Mintmnm aCOOUtit size I
£25,000
> . ' Contact

jifcni Eng or Jeremy Metralfe
Commodity Analysis Liamted
■ 37/39 St Andrews HH1

: 'V’ London EC4

Tefc 01-236 5211

PERSONAL

FACT

more THAN 1,500
CHILDREN develop the
disease every year. It is

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ART GALLERIES

ouuaa 14. Ofd Send stiJSi T he
:*B 7 7408. DISCOVERIES .,££5? and
'tCJNQUS CENTO -; util 7 Agl%WtNG5
ITALIAN OLD J4A5TER
unfit 10 Jrtr. Mon.-Fri. to* 1- 1

Street, London. EC4P -4BY- _ ~

1 rtfyar ff*| f wv. Ml- Bnrtaa SL: W1.

WORKS OF Airr. Moe.-Frl. 10-3. Sals.
1 0-1- • ■ • •

Ends July OOL .1

a-m. -i-or

pjn.

Official —

Unofficial

£ £

fi

W8A-9J +1.1*

410-1

415-^ +5

414-5

409 Ji- 4J5

•401-J

Cash ,408.4-3.5 U-1.1J 410-1 If5

3 month! 413-.5 1+3 414-5 |f6J26

S' riant 409.6- L-JS —

Prjnwgte — 1 - — *401-3 1 — —

j Xlnc — Morning: Hires month* £416.

I 15.5. 15. IB. 15J. kerb: Three months
£416. Afternoon: Three months £416.
17, 16.5, IB, 18.5, 20, 22, 20, 19, 19.5,
19. Kerb: 'nine months £418. 17, 16.

, Turnover. 9,126 tonnes.

Alumlnm e.m. ,-f-or pjn. -1-or

Official — Unofficial — t

£ IT”

1 Spot 557-8 fllS 560-1 fffl

3 month* 57 M M1J6 0803-1 +23.2

Ahunfnhnn— Moming: Three months
£577. 76, 35, 74, 74.5, 74. 76, 77, 78.
77. 77.6. -Kerb: Three. month s £577.5.
Afternoon: Three, months. £578. 77-5, 78,
77. 78, 79, 78A 79. Kerb: Three
I months £578. 77; 7&,‘ 77, 70. 79. Turn-
over: 7.850 tonne*.

65, 70. Kerb: Three months £2.985.
Turnover 438 tonnes.

* Came per pound. tMt per Us.
t Ob prevfo ne nneSoiaf rloas.

SILVER

Silver was fixed 12.85p en ounce
higher for spot delivery In the London
.bullion market yesterday at 31030p.
U.S. cent . equivalents of the faring
levels were: spot 536c. up 26c; three-
month 557.1c, up 26 ,2c; six-month
577c. up 27.3c: and 12-month 623.8c.
up 30.3c. Tha metal opened at 312-
315p (540.545c) and closed at 321-326p
(555-56Sc).

Bullion i+ or

LM.E.

+OT

fixing I —

p.m. _

«—

price I

Unofflc 1

Amalgamated Metal Trading reported
that In the morning cash higher greda
traded at £786.50: three months £799.
800, 800.5, 803. 4, 3.5, 3. 3.5, 5. 5.5,
6. 7. 8. 8.5; 9. 8. 7. 8. 8.5. 9. 10.
Cathodes: Three months £800/ 799.
Kerb: Higher Grade: Three months £808.
9. 8J5, 9, 10. 9. 8.5. Afternoon: Higher
Grade: Three months. £803, 2, 3. 4, 3.5,
4. 6. 4.5. &, 5.6. 8. 7. 6.5. 7.6. Cathodes:
Three months £796. Kerb: Highsr Gride:
Three months £805. 5.6. 5, 4. 3. Turn-
over: 20375 tonnes.

'a-irtT" ■+ wrl pjr». -J+or
TIN Official • - {Unofficial) — t

High Grade £- | £ I ' '£ J £

Cuh 6BB0.7W +BW -7010-80 4-373

3 months) 7100-30 f+W2: 7130-6 r«7
Sattlem'j 7000 !+»•}.. — ... • —

Su3».-j69«D-71W^+sW7010-2q +175
3 monthJ 7100120 {+547; 7150-5 v4S7

Ssttlemra 7000 |+640j. t- .

Straits EJ:*2B.15 \ — \ ■ ~
MowYortc — I — 1 . • -I

Tin— Mornrno: Stsndsrd: Cash £8^60.
50; three- months £7.130, 2Q, 7,060, TO.
Kerb: Standard: Three months £7.065.
30, 20, 7.190. 6350, 70, 60. Afternoon:
Standard: Cash £6,960, 70, 7.000. 20,
50. 60. TO. 80, 70. 7,010. 6,960.50. Kerb:
Three months £6.940, 20, 6.900., 10.
6.900. -6.690, 70. 50, 30. 40, 50, 6,900.
Turnover: 2.260 tonnes.

' *.ml +'o» i^tn. L+ or

LEAD OffloiaT — Unoffiela] ■ — t

’ ■ £ i £ *

Cash... ’ 318-0 j+7.75 515-7 +4

3 month* • 380-6 *-14 327-6 +4.75

SettJem't 310 +6 — ' ~-..

U^. Spe ti — I *93-7 •

Load — Morning: Three months .£333.

33.5. 34, 34.5, 35, 36; 38 39, 40, 39,

-36.5, 38. Kerb: Three months £337.

36.5. 36, 35. Afternoon: Three months
032. 33. 34,-38, 39, 40, 39.5. • Kerb:
Three months £338. 37, 36. 35, :36.
Turnover: 22,300 Sonne*.

Spot 310j50p Uli.ff 322p +24.2

3 months. 310J95P -+W.7 532 b +2E^

6 months. 328.55p +1S.B —

12mont hfc351.0 0p r+H^i — ---.

LME — Turnover: 155 (34) lore of
10.000 ozs. Morning: Three nwhtiia
321 £, 21.0. 20.5. 2D.B. 20.6. 20.7. Kerb:
Three months 321.0, 21.4. Afternoon:
Three months 32.0. 36.0, 38.5. 38.0,
39.0. 40.0. 39.0, 38.5. 3X0. 32.5. J3Z-0.
Kerb: Three months 332. 31.5, 3 25, 36,
35. 36, 37. 38.

COCOA

Futures opened lower as due but
scale down vade support and further
commission house short-covering
steadied prices. Actuals business was
scares, reports Gill and Duffus.

Yesterday ' »| ’ I T

COCOA Close hi- or Business

1 — . Done

• - a? per tonne! 1

July. 906-09 I 910-94

Sept-. 941-42 —8,0 I 905-27

MOV 980-81 —4.0 984-55

January _J 1010-19 -2.0 1Q19-C2

March 1038-40 - 1037-22

May-.., 1065-63 r— 3,0 1050-47

July. 1072- 8 0 — 5, 5 11070-62

Salas: 1,919 (3^46) lots of 10

tonnes.

ICCO — Daily! price for June 28: 74.78
(72-82). Indicator price for June 29:
722A (71.16).

COFFEE

London opened around unchanged
arid, traded firmer, reports Drsxel
Burnham Lambert. Further fears of
frost and hail, finked with trade and
speculative buying prompted additional
gains.

rtOFFEE lYastidaysl + or | Business
COFFEE aose __ Dora

July 1262-64 +19-UI 1264-46

SepL 1172-73 U29.Q 1175-45

Dec.-^ 1 098-99 + 21^ 1107-85

March 1070-72 + 23.6 1075-59

May 1038-45 + 58.5 1045-80

July 102030 | +27 .» —

Se pt - 10 0Q-2Q 1+80.01 1 005-91

Seles: 3,529.. (£(333) lota of 5 tonnes.
ICO Indicator prices for June 28
(U.S. cans per pound): Comp dally
1972' 71923 (same); 15-day. average
120.89 (121.11).

GRAINS

bid -crap wheat opened 25p higher,
with new crops Tittle changed. Com-
mercial buying in new crop ' wheat
could not support the market aggnsit
hedge-sailing, Acti reports.

WHEAT- ' T BARLEY

pTestard'ysi +or Yast'rd'yai +or
Mntli close | close ” —

* NICKEL

ajn. j
Official

\ Spot ■ —

3 month*

2970-3 . -
3006-10 -

inniM 1 » 1

8965-75 k-80

fVIUJSSS — IVlUiillUV*' ■ li"VD

£7,960, 70/ 05. .. Kerb: Three months
£2,970.’ Afternoon: Three jnontii* fZSID,

July- ii9.4o - ( -

Sapt. 108,60 ' — 0.161 104,65 1-0.13

Nov_ 112 J15 -O.10J 108.40 Ufl.flS

' JM- 115.95 —0.18 111.70 -0^0

Mat.. 119.80 — 0.10 115.00 -0.20

May, 12 8.7 6 — Q.io i 1 13.20 Uoj a

. Business done — Wheat: July 121.90*
119.20, Sapt 108.80-108. BO, Nov 112^45.
112.15, Jan 116-15-115.85, March
119J30-.118JD, May no trades. Sales:
214 lots of 100 tonnes. Barley: Sept
104.65r1W.60. Nov 108.45-108,35. Jan
111^0-111.70. March 115.15-115.00;
May 118.35-11820. Sales: 117 lots ef
100 tonnes.

HG CA — Locational ax-farm spot
prices.: ' Feed barley: S. East 100.60.
S. West 102^0. W. Mids. 101.60. The '
UK Monetary Coefficient forth a week
beginning Monday, July 5 (based on
HGCA calculations using five days*,
exchange rates), la expected to remain .
' unchanged.

LONDON GRAINS— Wheat U.S. Dark
Northern Spring Na.'t 14 per cent, Aug .
103.25. Sept 109.25, Oct T10;75.tren-
- shipment East Coast sellers, English
.Feed fab. Sept 112J0 East Coast. Jen/

March 121 East Coast aeltere. Maize:
French, July 137 quoted transhipment
Eaet Coast sallera. S. African. White/
.Yellow. July/Aug 86.00 seller. Barley:
English Feed fob, Aug 106, Sept 107.50.
Oct/Dec 112 East Coast sellers. Rest
unquoted.

RUBBER

The London physical market opened
alightiy easier, attracted little interest
throughout' the day, *nd closed dull.
Lewis and Paat recorded a July fob
price for Ng- 1 RSS in Kuala Lumpur
of 202.5 (203.5) cants a kg and SMR
20 176.0 (176.5).

Ho. l | YestVya l Previous [ Bualneaa
R-ILS. ! close ! of o*n [ Done

Aug _! 4SJP-50J0 1 BB.H-fi1.ID IH.08
Sept H J0-6B.M: 5LSD-613Q 50.00
Oct Dec, B2.80-fi3.00t B9.10-G3J0 B3JW-B2.8B
Jan- Mari, UJMb.U 56jW-5&^0 B6.40-fifi.1O
Apl • Jnel 57.70-67.8 Di 67J068.00 S7.70
Jly-Sept* BO. 40-80 JO 60.90-88.79 60.40-fiBJB
OCt-Dec' 63.56-63^0 65.33-600 BSLW
J’n-Mch|9fiJMfiA0 eBJBH46.70 B6.4^86.M
Apl-Jn e 1 37,40-67 JOi 6 7.

Sales: 166 (104) lots of 15 tonnes.
8 (nil) lots' of 5 tonnes.

Physical closing prices (buyere)'
were: Spot 48.50p (Aa.DOp); Aug 52-OOp
(52-25p), Sept 52.25p (52.50p).

SOYABEAN MEAL

The market opened 80p easier en
weak nearby cash demand, reports
T. G. Roddick. Prices remained defen-
sive ahead of the acreage reports.

Ynaterdyw-H or) Bualneaa
Close | — Done

- | •

per tonnel

August. l2B.7fl-Z7.tl— 036 H7^).2BJ8

October-... 130.00-30.1-0^ 13D.1B-2SJ0

Dec 1 M J0-55.0 -Qj *8 1B5.0C3430

FeD 1 37.80-38 Ji— 0.60 —

April 15B.H 40.0 -1 —

SOYABEAN OIL— -The market opened
unchanged in quiet conditions, reports
- T. G. Roddick, and prices firmed on
trade buying. Closing prices end
business done (U.S. S par wnne):
Aug 493.00. 495.00, 493.00: Oct 483.50.

494.50, 494.00-492.50; Dec 496.00,

496.00. 496.00-495.50: Feb 502.00.

503.50. - 502.00: April 507.00, 509.00.

uirtraded: June 510.00, 525.00.

untraded: Aug 550.00. 530.00, untraded.
Salas: 137 (130) lots ot 25 tonnes.

SUGAR

LONDON DAILY PRICE— flaw sugar
£104.00 (£102.00) a tonne cif June-
July-Auguat Shipman. t While sugar

daily price £143.00 (£138.00).

Kean trading buying was apparent
developed on an arbitrage basis
against Paris where October and
November hit the limit advance,
reports C. Czamikow.

No. 4 Yesterday previous Business
Con- ' close olose done
tract

PRICE CHANGES

In tonnes unless .-otherwise stand.

June 29 + or Month
IMS ! — ego

AMERICAN MARKETS

Metals

Aluminium ...

FreeMkt.

Copper.. ......

Cash h grads— £783 '+86 1*770.5

5 mths *806.25 :+tt.7B;£7»?.75

Cash Cathode- ‘£7 72 ;+26 £762.5

3 rathe 1*795.5 .+2E.5&789.6

Gold troy oz *311 i +7JO{*31l.l2»

Lead Cash. £328.26 +1UtB l £307.76

3 mths. *338.625 +12J7*319.25

Nickel *3922 *3922

Free mkt ;230i2&0r— <2 lMOrt7Bc

1' 1 l ■

PUtin'mtr orY*2BO | ’*260

FreemkL *162.80 ,+9^1*169.06

Quleksftvert *366/375 I |*S60/3ro

Stiver troy ozjpl 0^0, 1+12.06 341.90p

SI. W

i.+5 n b

I

i+26 |*71

.*810/8161. {*810/816

... *950(980,+ S teffiiMS-

snvertroy oz^snu.ou* l tn.o»i I yup

3mths^_ <319.95^ :+HABl353AOp

Tn Cash 4*6860 | — 166 |A6676

3 mths .._f*6960 ^17isfi67B5

TungstertKU)lb)*llD^2 }. {*109.01

WolfrmZ2.4llbB *113/118 1*1*8-113

Zinc C«sh__._ *415,5 +5 1*405.6

3 mths *419.26 +4^ 1*411.6

Prod u oars. ^.1*800 [*t8U/MB

2 per tonne ^

;i1DJO-KL80nOBJi64)6Jfl(nTJ)4-fl4jO

1153M8Xb

Jan ;123J0-S6.l»;ilBJ*-i;j»l — —

March !lSflje-8Ufflll24JS-24Jftl3J^M4.fll Dow

May | 1333 W!. 76 T 27 . 1 B- 27 iS 1 S!. 75 . 28 J 8

Auo T87ilL30.2S-151JB-Sl.Oa —

Coconut (Phil) IS502.5V - *497.5

Groundnut 1*662. 6v — 12.5 ( 561B

Unseed Crude t .... t

Palm Malayan [*467.6y 1*612.6-

Seeds i |

Copra Ph lip _ *330 5330

Soys bean (U^Ji*253.5y „|*263

Grains : 'l

BarfeyFut. Sep,£Z04.65 — 0.1B|2104^0

Maize £137.00yi_ £137.00

Wheat FuLSep 2108.60 ri-O-IBUtlDB

NoJtHardWlirtT i I -/ t

Other"

cemmodttiM

Cocoa shlpft* *972 -8 £941

Future Sept '£94 1.3 i-B £916.5
Coffee Ft* SepLS 1 172J5 +29 £1124.5
Cotton AJndsj?76.70o +0^6 76.56c
CasOflJulyJ!j<281ii -0.6 *292.5
Rubber (Wlo)_. 48.6p +0JJ 54:6p

Sugar, (Rxwl...*104uw +2 £104

Wootf*p»t4s Id. 398p Mlo pWpkllo

t Unquoted, x Aug-SepL u Juna-July.
v Ji/y-Aug. yJuiy. w Aug.* t Per 76 H*
fiaak. • Ghana coconut. » Nominal.
§ Seiler .

' INDICES

. HNANOAL TIMES

June 2* jJune 2B jM*th agoj^aritob
252^0 t23l js j — 84aj5

f Base: Jnfy 1. tSG2 - 100)

RHJTERS

June tfijJune 28<M’th ag&Y'ar ago

1636.6jlS31^ 1530.1 1733.7

(Bssa: Septaaahet H 1931 ™ WO)

MOODY’S

June 25 Jun»24 M'th agapTarago

988.4 [984.0 100S>f l l075.4

(December 31. 1831 - UO)

DOW JONES

Dow Juno June i Month Year
Jones K *4 ago ago

Sales: 4,404 (1.996) lore of 50
tonnes.

Tate and Lyle delivery price for
granulated basis white sugar was
£374.00 (same) a tonne for home trade
and £209.50 (£2)7.00) for export.

international Sugar Agreement (U.S. ,
cents per pound) fob and stowed
Caribbean pons. Prices for. June 2S:
□ally price 6.80 (6.78): 15-day average
6.69 (6.70),

WOOL FUTURES

LONDON NEW ZEALAND CROSS-
BREDS— CIosb (in order: buyer, seller,
business). Naw Zealand cants per kg.
Aug 365, 377, nil; Oct 386, 390, 390:
Dec 337, 400, 339: J»A 388. 403, nil:
March 408. 410. 410: May 419, 423.
421: Aug 432, 437. 434-433: Oct 43S.
440. nil: Doc 439, 444. 441.. Sslea: 9.

. SYDNEY GREASY WOOL— Close (In
oider. buyer, seder, business). Aus-
tralian cents per kg. July 542.0, 542.5,
548.0-642.0; Oct -512.5. 513.0. 515.0-
512.0; Dec 515.5. 518.0, 520J>-5f5.0:
March -513.5. 525.0. 525.0-524.0; May '

528.0. 530.0, 630.0: July S38.0. S40.0.

540.0, 538A Oct 881.0. 533.0. 532.0:
Dec 536JL 538 J), 537.0-5363. Salas:
135.

spot 121.49 121,22 126 -
Futr’s 12 1.111 120,661 128.55 —

(Baas:' Oeosmber 31, 1*74 - 100)

COTTON

• UV81POOL— No spot or shipment
antes were regrewed. )n»rew was
nogtigibtB and the astituda of apmnere
was governed partly by the fact that
most yara-predvclng centres were on
hoWty and party bv the bah of that
nsart season's global crop would be
under pressure. Activity mrs confined
•o limited wn igbea In Aanarican q/pe
varieties.

POTATOES

PRECIOUS METALS and copper
recovered on e firmer tone in financial
instrument* end currencies. ■ Coffee
wee higher on reports of a return of
cold weather into Parana. Technical
short-covering- and arbitrage buying
rallied sugar and cocoa far some
sizeable gains. Cotton was higher on
e tight supply situation caused by tha
recent damage to the Texas crop,
reported Heinold.

Copper— July 60.15-80.25 (SS.40). Aug
61.30 (€0.36), Sept 62.06-62.40. Dec
64.65-64.90. Jan 65.55. March 67 JO.
May 86.70. July 70.25. Sept 71.80. Dec
74.10. Jan 74.85, March 76.40. May
77-95.

•Gold— July 315.4 (310.9), Aug 3175-

318.5 (313.7). Sept 321 3. Oct 325.0-
326.0. Dec 333.0-334.0. Fab 341.0-342.0,
April 349.0, June 357.0. Aug 365-1. On
373 J. Dec 381.6, Feb 390.0. April 396-5.

Potatoes (round whites)— Nov 66.8-

67.5 (86.6). Feb 74.0-74.6 (7B.0). March
76-5-77.6. April 87.0. Sales: 109.

SSitvar— July 580.0-585.0 (535.6). Aug
589.7 (542.8), Sapt 592JW99.Q, Dec
816.0-622.0, Jan 629.3. March 643.9,
May B58A July 673.1. Sapt 687.7. Dec
709.7, Jan 717.0. March 731.6, May
746.2. Handy and Harman bullion spot:
681.00 (510.50) ■

Sugar— No. 11: July 7Z2.-T3A (6.84).
Sept 7.68-7.59 (7.15). Oct 7.77-7.73,
March 9.03-9.05. May 9.30-9.32. July
9.51, Sept 9.85. Oct 9.71-9.80.

Tin— 546.00-560.00 (554.00-560.00).

CHICAGO, June 29.

Lard — Chicago loose 22-50.

- live Hogs— July 59.60-60.00 (60.15),
Aug 68.70-56.55 (58.80). Oct 56.25-
56.30. Dec 56.35-56.55, Feb 54.50-54.65.
April 50.87-60.90, June 51 .90. July 51 .80.
Aug 50.72.

ttMpne-rJuly 267V2S7V (268>,1.

Sept 2671* (2871*1. Dae 271-271V March
2881* -286, May 296, July 30%.

Poifc Bellies— July 75.90-75.30 (75.12),
Aug 73 JO-73.60 (73.75), Feb 73.30-
73.20, March 73.65-73.70. May 73.35.
July 73.50-73.30. Aug 72.00.

tSoyabeens— JuJy 618-619 (8201. Aug
626-62S (E25 1 *). Sept 628. Nov B34V
6^1, Jan 652, March 668*1. May 681^

July SOT 1 !. Aug 697.

USoyebeon Nleel— July 180.5-180.3
(180-2). Aug 181.0-18H2- (580.7).. Sept
181.8-181.9. Oct 182.5-182.7. Dec 187.3.
Jan 190.2, March 19S.0-196.0. May

200.0- 201.0. July 206.0-206.0.

Soyabean Oil — July 18.68-18.70

(18.80). Aug 18.96-18.97 (19.05), Sept
19.20. Oct 19.42-19.40. Dec 19.82-19.81.
Jan 20.00. March 20 AO. May 20.60-20.65;

tVWieat— July 341 -341 (341 M. Sept
357-357 1 * (3561,). Dec 37B-37BS. March
391^,-392. May 396=*- 396^ July 391V
WINNIPEG. June 29.
Sflariey— July 1246 (1228). Oct 1223
(1215). Dec 1237. March 1268. May
1279.

All cants per pound ex-werehouca
unlace otherwise stated. • S par troy
ounce. i Cents per troy ounce.
4t Cents per 56-lb bushel, t Cents
per 60-lb bushel. || S per short ton
(2,000 lb). 5 SCan, per metric ton.
S§ S par 1.000 tq ft. 1 Cento per
dozen. ft$ per metric ton.

Monday's dosing prices

NEW YORK, June 28.
Coffee—" C "_ Contract: July 139.40
(139.21). Sept 130.70-130^0 (130J5).
Dec 124.30. March 118. BO-119. 50. May
115.90-115.55, July 113.52-114.75. Sept

110.00- 114.00.

Heating Olf— (Cents per U.S. gallon):
July 93.25 (92.07), Aug 90.85-91.15
(89.82). Sepi 90.60-90.70. Oct 91.00-
91.10. Nov 92.00-92.10. Dec 93.00-93.25.
Jan 93.10, Feb 93.30, March 93.10. April
92.75, May 92.75.

Orange Juice— July 119.80-119.90
(118.25). Sept 1 22.00-122.05 (120.65).
Nov 123 .70, Jan 125 40, March 126.85-

127.00. May 128.30-128.50. July 129.75-

130.00. Sept 131.20-131.50, Nov 132.65-

133.00.

■Platinum-^luly 274.0-278.0 (263.4).
Oct 283.0-287.0 ( 271.2), J B n 293.0, April

309.0. July 308.0.

CHICAGO. June 28.
Chicago Fmm Gold— Sept 317.5-317.2
(314.2). Dec 329.2 (325.8), March 340 A
June 3S2.8. Sept 3S5.0.

EUROPEAN MARKETS

ROTTERDAM, June 29.
Wheat— (U.S. S per mnne): U.S. No.
Two Red Winter. July 147. .U.S. No.
Three Amber Durum. June 173, July
171. Aug 173, Sept 178. Oct 179, Nov
182, Dae 187. U.S. No. Two Northern
Spring 14 per cant. June 177, July
174.50. Aug 172. Sept 172.50, Oct 175.
Nov 178, Dec 183. Canadian Western
Red Spring Wheat. Aug/Sept 195.

Maize— (U.S. $ per tonne): U.S. No.
Three Yellow, afloat 122, June 123, July
120.5a Aug 121. Sept 122. Oct/Dec 122,
Jan /March 130 Mllere.

Soyabeans— (U.S. S per tonne): U.S.
Two Yellow Gulfports, unloading 244,
July 247.50. Aug 250.60, Sept 2S3. Oct
249. Nov 249, Dec 254.25. Jan 280. Feb
284.26. March 2B8 cottars.

MEAT/FISH

LONDON POTATO FUTURES— The
market wet initially easier and
recovered before swing ageln towards
tha dose, -reports Coley and Harper.
Closing prices: Nov 54.60, —0.90 (high
K.DO, low' 54.00); Feb 61.00, -a 70
(high B1.00. low 60.00): April 67.00.
-0.50 {fatgh 67.40, low BE.OQ); : May
75.80, -0.70 (high 76.50, low 74.70):
Nov 64.30, -120 (65.00 only). Turn-
over, 292' (449)] lots of 40 tonnes.'

MEAT COMMISSION— Average Fat.
stock prices at representative markets.
GB— Cattle, 100.95p per kg Iw (+0.24).
GB — Sheep, .184.21 p per kg eat dew

(-1 4o{‘ GB— PiB ‘* 7288p por k * ,w
1 GRIMSBY FISH — Supply good,
demand ' good. Pnera « ship's' aids
(unprocessed) per stonB: Shelf cod
£5.90*£5-80, codting* E3.aj-ES.80: large
haddock £3 .00- £4. 30, medium E3.B0*
£4.20. mail £2. 80- £3. 40; mod rum plaice
£5.50- £8. 50, beet smeH E3. SO- £4,90;
large ekimrad dogfish £9.00. medium
£5.50; large lemon sotos £8 SO. tnedtum
£8.00: rockfieh E2.40-E2.70; reds £2,00.
£2.60; a# I the £2.30- £2. 40.

COVWT GARDEN— Pricde far the
bulk of produoe, ri) ateritng per pack-
age «eqv where otherwue etatod.
EngiMt Produce: Potatoes— Per pound
new 0.03-0.08. Mushrooms— Per
pound, open 0.306.50. ctoeed 0.50- '
0.80. Lettuce— Per 12,. round 0^0-
1 JO. Webb a 1 .30-1.80, Coe 1,40-2.00.
Oraone— Per 55 -«j 40/atnm 3.00-4 00
Spring Onions— Per bunch 006-0.10.
Spring • Cibbege— Per 254b 1.00-1.40.
Csrmto— Per 26/28-fb 300-3.50. per
bunch 0.15-0,16. Rhuflarb— Par pound,
outdoor 0.06-0.10. Cou r ge t t Be - p M
pound ‘ 0. 20-0.30. ' Cncumb m - Pe r'
package 1.90-2.40. Tomatoes— Per 124b
box D/E 2.40-2.60. CauliflOBrars— Per
12 Uncoln 3.50-5.00. ■ Celory-Per
12/30 2.00-3.00. Broad Beans — Per
pound 0.06-0.08. Marrows -Each 0.15-
0.22. Sugar Pees— Per pound 1.00-1.20.
Peas — Per pound 0.104). 16. ■ Turnips— '
Per 28-fb Z40. Stick Bonne— Per
pound 6.160.30. Apples — Per pound, '
Bromley 0-30-035. Strawberries— Per
8-oz 0.15-0.30. ftospberrie*— Per 4-oz .
pack' 0.150.3, ' Goosebenlss— Per

Soyameal — (U.S. S per tonne): 44 par
cent, afloat 205 traded, afloat 205. June
208. July 213, Aug 21B. Sept 21B, Oct
220. Nov/March 230 eel lore. Brazil
Pellea. afloat 215. June 217. July 220.
Aug 224. Sept 22B, Nov/ March 246
sellers.

PARIS. June 29.

Cocee— (FFr per 100 kiloa): J u ly
1040/1080. Sept 1105/1110, Dec 1150'
1160, March 1200/1210, May 1240/1254.
July 1280/1295. Sept 1320/1335. Salsa
at cell: 4.

Sugar— (FFr per tonne): Aug 1725/
1745. Oct 1613/1615. Nov 1605/1615.
Dec 1555/1580. March 1655/1667, May
1695/1705. July 1725/1735. Aug 1750/
1760. Sales ai cell: 4.

pound 0.20-0.25. Cherries- - Pe r pound
0 20-0.40. Red Currants— Per 4-oz
0.10-0.20. Blackcurrants— -Per B-cz

0.35-0.40.

SMTTHF1ELD— Pence per pound.
Beef: Scotch killed sidas 78.0 to 84.5;
Ulster hindquarters 38.7 to 102.3. fore-
quarters 59.5 m 60 jQ. Veai; Dutch
hinde and ends 120.0 to 126.0. Lamb:
English stnafl 76.0 to 80.7. medium
73 J) to 7BJ): Imported— New Zealand
PL 81.0 m 61.0. PM 60.0 to 60.0. PX
48 0 to 48.0. Yl 59.0 to 59.0. Path;
English, under 100 Hi 36.0 to 54.0. 100-
120 Hi 42.0 to 53.0, 120-160 lb 40.5 to
50.0.

PETROCHEMICALS

NW- Europe spat prices (S/tonne) '

Product

Latest (1)

Change*

+ j —

naphtha

300-305 1

—SO

berate ne

455-460

+5-10

toluene (T2)

400

—5

xylene

430435

+ 5 •

. panucyienc

600-605

—15

ortlvoxylana

53&540

45

styrene

660-665

—10

methanol

200-205

phenol

640-660

ammonia

265-195

no

_ : „ ” rata:

2 - 4S7E -„ , Based on DM/S axchanoe
f 81 ®* t Prices era . obtained

from discussion with European tredare
auppllws end tameumcra, effective
June 29. Chance +/— refers te c
change over peat two weeks.

26

Companies and Markets

WORLD STOCK MARKETS

-Financial Times Wednesday

7 -i

§S£W YORK

Stack

June June

28 i 25

ACF Industries... SI

AMF '■ 15*8

ARA : Z7%

ASA I 263s

AVXCorp | 161?

Abbot Labe -'-....i 28 7g

Acme Clave [ 17 T »

Adobe Oil & Gal ! I?**
Advanced Micro.i 24
Aetna Life & Gas- W
Ahmanwn fH.F.I 9
Air Prod A Ghem 29 in

ARzona ..! 1638

Ibanylnt 24js

Albert^Culv. 12 e

Albert wn'a ‘ 32 *

AlcenAlummiuro l'-'n
ftlco standard.... 80%
Alexander 4 Al 245s

Aiegheny Int “4%

Allied Ccrp i 30%

Allied Stores 283?

AUls-Chaimers,... 12%
Alpha Portd 12%

Alcoa 1

Amal, Sugar -

Amax

Amdahl Com

Amerada Hess.....
Am. Airlines. ..

Am. Brands

-m, Broadcait'ii
Am Can

Am. Cyan am Id ...
Am. Elect. Powr.

Am. Express

Am. Gen. insnee.
Am. Holst & Dk...
Am. Home Prod..
Am. Hasp, suppy
Am. Medical Inti

Am. Motors..

Am. Nat. Reeces.

Am. Petfina..

Am. Quasar Pet..

S 2 %
47
20 %
13%
19
1?$4
4138
37i«
28%
27
1638
41U
41 %
11
37-'»
44 'ft
2158
3>i
3058
SSL]
8 I 4

Am. Standard...

Am. Stores

Am.Tel.*TaI ...

Ametaklnc

Amfac

AMP..

Amstar

Amstoad Inds...
Anchor Hockg.
Anheusar-Bh ....
Archer Daniels.
Armen

24%
.1 45 Jr
, 60 ><
' 261;
. 20 %
. Bl%
: ai't
.1 2538
13 >4
. 62 %
. 13 "8
_ 17

Armstrong CK.,...

Aramara Oil

A narco

Ashland Oil

Aasd. D. Goods. ...

Atlantic Rich

Auto- °ata Prg....
Avc«-

Avery Inti

Avnet '

Avon Frod |

Baker Inti

Ball Gas ft El... .

Ban Cal ;

Bangor Punta ..
Bank America .. [

Bank of N.Y

Bankers Tst N.Y.;
Rarry Wright . ..
Bausch ft Lomb.l
Baxt Trav Lab.... I
Boatrice Foods
Bcker Inds — ..i
Bell ft Hawaii ...
Ball Industries —i

Bond ix

BenshciaL !

Beth Steel

Fig Thee Inds

-Black & Docker-

Block HR

B uo Ball

Boeing !

Boise Cascade....

Borden [

Bore Warner

Briggs Strain

Bristol-Myers

BP

Brockway Claes.,
Brawn Forman Bl

Brown Grp

Brown ft Sharp...
Browng Ferris. ..!
Brunswick...

15 >2
73s
201 =
26 U
33 U
38’*
24k>
155a

24 lj

431=
257s
245|i
24*4
21
153,
16%
3878
265b
13T fl
42 U
351;
1834
530
20
15la
481=
1712

1634
17 lR
1312
39

25
15's
21*8
327 8

26
245a
56l a
205s
1378
321b
3412
12 %
26
21 lg

; 831ft
I 43 1 B
195s
1 185ft
; 18S*
175b

■ 403ft
! 37 Ir
1 271a
1 26%
' 16*8
j 4Q5,
1 40 1 1

, U

■ 375b
1 435a

21

• S5fl
. 30

S83s
: ai«

25*t-
45 1 4
80%

■ 26ift

1 19 U
61 :»
21 >e
; 23 1 «

- 13*t
. 51 Ib
: i5hi
. 17T a

- 163s

, 7, a

■ 205fi
26 1 s
33*4
38 U

241ft

15%

243t

: 42H
2314

• 2312
24*i
20 7 S

, 13"ft

1 181 ft
39lft
! 261?

; i3i-
' 415a
; 35

• 1812

61ft

197ft
15U
I 47 1|
18

stock

1

i 28 ;

1 25

j 30 1

[ 30

J 18%

' 18

25

34%

i.; ae%

20 %

.. 54%

54%

Comp- fldenoe ...

Cone Mills !

Conrao -....:

Cone Edison

Cons. Foods. —

Cons Freight ,

Con. Nat Gas

Conmuer Power!
Cont Air Lines...

Conti. Corp.. !

Conti. Group — J

Conti Illinois ;

Contl.Teleph I

Control Data |

1

181? I llSfl
89IR ; 291*
247 b j 2 Slj
361ft I 34%
33 < 3498

36 j 35ls
23 <s • 23%
I 6 S 4 1678
41ft 43s
231? 23 »*

263,-. 365ft
239s 1 241 3
157g , 16
24% > 24 Sb

Eucyrus-Erle ! 12%

Burlington Ind ... 19i2
Burlington Nrthn; 43%

Eurndy -.1 17%

Burroughs • 32%

CBI Inds ; 34 t 8

CBS 36i?

CPC Inti 34*

CSX ! 39

Campbell Red U 8*4
Campbell Soup... 36*
Campbell Tagg - 245,
Canal Randolph. 351?

Can. Pacific 2012

Carlisle Carp 23*,

Carnation ■ 331,

Carp Toclt 1 31

Cartor Hawley...'

Caterpillar

Celanese Carp...,

Cental

Centex

Central ft Sw

Centra! Soya

Certain- teed

Cessna Aircraft..
Champ KomaBId

Champ Int

Champ Sp Plug-

Charter Co

Chase Manhatt'n.
Chemical NY...—

Chesels Pond

Chicago Pncum-

Chryaler._

Chubb

Cigna

Cincinnati Mli....

Citicorp

Cities Service- .

City Invest

Clark Equipment
Cieve Cliffs Iron.

Clorox

Clueltt Peaby ...

Coca Cola

Colgate Palm

Collins Aikman..
Colt Inds

13 Sr

37 12

44

503a

23

153b

11

11

16

27 S

12U

8

8 I 4
411,
29*4
32i 2
12 '2

67b

37*

34'a

20is

25

54*

181=

201 ft

19*t

15*

17*

33*4

17*

12*4

24*

; 157 B
16*4
' 135ft
29
94
153ft
21 %
32*6
26*
' 845«
56 U
801s
14lft
32 1 a
' 3312
, 1278
. 28
I 20*b

; 1212
| 19*b
42*
! 174
: 32
I 34*
1 36k
< 34ift
! 38 t 3

1 a*,
1 36
' 945ft
. 34*4
I BOift
I 93**
33 >4
1 301ft

131ft

3714

44

i 30 14

; 201 ?

15*
1 107 3
1 11
. 15%

; 3
12%
77a
8l a
I 407b
j 30
38
12%
67 b

I 37 is

i 34ia
1978
85
55

! 184*
20ti
191b
13U
17
33*4
17*s
13

' 241b

Cooper Inds 1

Caere Adolph 1

Capperweld 1

Corning Glass.-.
Corroon Black...
Cox Brea.- cast’s

Qrane- ■'

Crocker Nat 1

Crown Cork .[

Crown Zell

Cummins Eng «—'
Curtfss-Wriflht ....

Damon '

Dana 1

Dart A Kraft I

Data Gen

Dayton-Hudson ..

Deere

Delta Air

Denny's. ■

I

Oentsply Inti

Detroit Edison....'

Diamond Inti j

Diamond Shank.. I

Dl Giorgio

Digital Equip

Dillingham '

Dillon ;

Disney <Walti

Dome Mines

Donnelly (RR>

Dover Corp

Dow Chemical ...|

Dow Jonee ;

Dresser 1

Dr. Pepper: 1

Duke Power _|

Dun A Brad

Du Pont

EG*f» :

97 ! 27

104* j 107a
23*6 ! 1350
46 ' 46

19*4 1 197ft
24*8 25k

23% ■ 227s
26*4 | 261a
227 b 1 23
18 j I77 8
291? 297a

38is j 38i a
61s 61s

27 I 26i 8
52 < 825a

96*2 I 29t b
37% I 36*2
25U • 23-
39ift I 34*8
265s 36la

23 U <
115a ■
38*4 ,

is 14 ;

93r
701r
10*4 '
21*8 ,
67*, I
6*« :
41 ,

22 .
SO** !
40r a '
18*4 ;
125a 1
91
68i«
23ift
161? j

93
111 *
391ft
17T B
9U
69
10*4
913b
67 1«
6*b
40*<
82
90
401b
iai(
12*8
20 Tb
66
33
26 1«

Easeo—. |

Eastern Airlines.'
Eastern Gas A F.l
Eastman Kodak . .1

Eaton..— '

Eehlin Mfg ;

Eckherd Jack-...|
Electronic Data.i
Elect Memories.'

El Paso

Emerson Elect..)
Emery Air Fgt...i

Em hart

Engelhard Carp.. I

18*4
Sift
18
73**
36>4
12%
19 m
27 U
3T 6
171=
44 U
7*a
SO**
19

Enseroh- '

Earmark. 1

Ethyl— :

Evans Prod

Ex Cell O ..., ,

Exxon

Faberge- — |

Fed d ere I

Federal Co

Federal-Mogul....;
Fed. Nat. Mort....
Fed. Paper Brd...{
Fed. Resources ..1
Fed. Dep- Stores]

FieWcreat Ml j

Firestone—. .:.... I
1st Bank System
1st Charter Fln-i

1st Chicago. I

1st City Bank Tax.

1st Interstate ;

1st Mississippi....!
1st Nat Boston....

1st Penn ;

Flsons- 1

Fleetwood Ent...-

Flexi-van I

Florida Pwr&L-i

Ford Motor

Foremost Mck....l
Foster Whee!or...i

Freeport McM

Fruehauf

GAF

GATX _i

Gannet I

Gelco

Gen Am Invest ...[

Gen Cinema

Gen Dynamics ...

Gen.Electrla

Gen Foods

Gen Instruments;

Gen Mills _...i

Gan Motors i

Gen Pub Utilities'

Gen Signal -

Gen Telep Elec-

Gen Tire 1

Genesoo

18U
44ift
SO
BU
22%
27 6?
34*8
16 Jr
35o
23
21 U
9*ft
199b
*8
43
2158
11*8
S8*«
9*4

I lBTg
- 6*e
• 17i a
72*8

26*g

3218
' 191ft
; 28
; 3?*
; 178b
441 a
' 75*
; 31U
; I8i*

18! B

- 441*
: 19*8

BU
2238
27 1*
• 24is

- 165,

- • 3U
22*8

. 2118
] 91*
| 19*3
! OB*
i 431=
: 21*8
; ns*

1 281*

95*

15lft I 15T S
25 ! 2318

251* < 35

81 *

231«

3

6

165*

17*8

32

23**

501*

11

155*

19 %

10 U

231*

, 85*

; 251a

( ^

* 6
j 165*
1 17*8
31*.
I 23 *b
! 304
. 11
15

. 19 4
' 10*8
« 254

32*8 i 324
16H I 164
154 i 154
404 ' 404
29 ; 284

63**- B2*s
374 | 37
361* : 347 8
424 i 42
464 i 46
4*. . 47 8
344 ! 344
27 1 264

23 ; 214

44 l 37s

Genuine Parts..
Georgia Pac.....

Geosource

Gerbes Prod

Getty Oil. —

Giddings Lewis.

Gillette

Global Marine...
Goodrich <BF>-
Goodyear Tire..

Gould -

Grace

Grainger iW. Wj.

384
.1 13Sg
424
. 284
504
13

, 3358
107a
I 84
25
234
334

374

1 3S4
• 134
; 414
! 277a
, 504
13
334
10*4
. 19
23*.
234
. 334
376?

Stock

June

28;

June

?_ 6 _

Gt Atl. Pac. Tea.

6%

6%

Gt. Basins Pet...

1%

17fl

1 GtHthn.Nekoosa 1 ai%

51%

Gt West Flnanef.

11

10%

Gro w hcund

15

127*

Grumman

30%.

30%

Gu f ft Weston, _j 18 %

18%

Gulf Oil -

28

as

Hall (FBI

25%

247,

Halliburton

If 3 *

28%

Hammermill Ppr

237s

Handleman

12%

13

Hanna Mini ns

23%

23

Harcourt Grace..

13%

13%

Harris Bancp

24%

2S7 8

Harris Gorp

23%

25%

Harsco.

16%

16%

Heoia Mining

8

73*

Heinz (HJ)

35%

333ft

Heller Inti

16%

16 -

Hercules

18%

41

1770

Heubleln

37%

38 '

43%

42%

.Hilton Hotels

33% ;.3B%

Hitachi -

24% j 24%

Holiday Inna.......

27%

26%

Holly Sugar

80%

51%

Ho me sta ka

19%

19%

675*

67 %

Hoover -

10%

10%

Hoover Uni

16

16

Hormsl Geo.V.....

20%

19%

Hospital Corp

29%

29

Household inti,...

.18%

18%

Houston lnd*,..„

18%

18%

Hudson Bay Mng.

115*

1150 .

Hughes Tool

i u

18%

Humana

84%

24%

Husky Oil

•4%

4%

Hutton (EF)

247*

24

1C Inds.

287s

283*

IU Int

11

11 . .

Ideal Basic Ind...

153?

18 -

Idea! Toy

123*

137*

ICI ADR

fi%-

Imp Corp Amer-

5%

3%

INCO

6%

a%

Ingersai Rand ....

40

393,

Inland Steel

19%

19%

Intel

31%

30%

Inter First Corp..

223*

22%

Intertake

26%

24%

Inter North—

263(1

26%

IBM

61%

60%

Inti. Flavours

21%

21%

Inti. Harvester....

4%

4%

Inti. Income Prop

9%

8% -

Inti. Paper

857*

35%

Int Rectifier.

9%

9%

Inti .Tel ft Tel

23%

23%

Irving Bank.

36%

35%

James (FS)

19%

191?

Jeffn-Pllot :

24%

24

Jewel Cos..— ....

33%

33

Jim Walter

19%

12%

Johnson* Contr...

19%

19%

Johnson ft Jns..„

39

38%

Johnthan Logan.

14%

14%

Joy Mnf„

22

21%

K. Mart

18%

18%

Kaiser Alum

12%

12%

Kaiser Steel

19

19%

Kaneb Services „

133?

137s

-Kaufman Brd

7

7%

Kay Corp

85ft

9%

Kellogg i

24%

955,

Kennametal ......

25%

25

Kerr-MoGee_

29%

25%

Kid do

21

20%

Kimberly-Clark

605*

607 3

King's Dept St..

2

178

Knight Rdr. Nws.

31

30>?

Koppers,

13%

135*

Kroehlsr

8

8

Kroger.

33%

33%

LTV

. 10%

103*

Lanier Bus. Proc

15%

15%

LAar-slegler

22%

31

Leaseway Trans .1 28%

273*

Lenox- i 38

38%

Levi Strauss...

23%

225*

Levitt Furntr

23%

22%

Libby Owens Fd.

227*

223,

Lily (Eld

593ft

59%

Lincoln Nat

38%

373,

Litton Inds

42%

42

Lockheed

537*

52%

Loews..

86%

853*

Lone Star Inds...

21%

193ft

1 Longa Drug Strs.; 30%

30

Louisiana Land..

273.

26%

Louisiana Pac....

16%

16

Lowensteln

27%

27%

Lubrlzol -

IB

18%

.Lucky Strs.

13%

13%

M/A Com. Inc ....

18%

19%

MCA.

60

61

MacMillan

; 13%

13

Mac-

38%

37%

Mfcrs Hanover..

27%

27%

Man villa Corp- •

■10%

10

Mapco

as

28%

Marine Mid

• 16%

16%

Marriott

35

35

Marsh McLenn.

32

32%

Martin Mtta . ..

24

23

Maryland Cup..

, 38%

36%

Masco

l 32%

327ft

Massey Fergn. .

2

1%

Mass Multi-Cori

1 177 B

17%

Mattel

16%

16

May Dept Strs

. 27

27%

Maytag.-

28%

287ft

McCulloch

9S«

9%

McDermott (JR)-

19%

19

McDonald*

71%

705s

McDonnell Doug

253.

357*

I McGraw Edison... 26%

26%

McGraw-Hill .....

-51%

51%

McLean TruTOf ..

14

14%

Mead

!S%

16%

Media Genl...

34

34

Medtronic

47

47

Mellon Natl

30

30%

Melville

48%

48%

Mercantile Sts..

65

65

Merck

68%

68%

Meredith

58%

58%

Merrill Lynch ...

26%

257*

j June ! June

•toe* 7 . .-Jr ??/. 25

MGM 6*8

Metromedia 1226

Milton Bradey .J. IBM
Minnesota mm...; 627 #
Missouri Pac—.: 56**

Mobil 234

Modem Merchg! 9 t b

Mohaaco. 105 b

Monarch MrT....J IS 4
Monsanto J 684

Moore McCmrk-l IS

Morgan UP)- |'514

Motorolo J 614

Munsingwear.. -| 144

Murphy 'GO.... J 134

Murhy Oil I 194

Nablaoo Brands-; 244
Na! ca Cham.. 1 19*s

I 63*
:2274
1 18*0
i 525*
; 56
I 834
' BSft
104
164
6853
1 157*
! 504
604
145b
134
20

j S34
! 194

I \ June

June

t - -StDBk 1 28-

j-25 ■

— — —

Nat. can ,1

Nat. Detroit.,— j
Nat Diet Chun.,;
Nat Gypsum..,... 1
Nat MedioalErrt;
Nat SemicductrJ
Nat Service ind.'
Nat standard—)
Nat Steel....... !□

Notomas,.... !

NCNB. J

16
203*

194
194
14U .

8Q7b j 204
23*8 < 234

16

214

19*8

174

144

94

144

163s

12*s

527b
267*
1650
40 Ss
314

NCR.

New England El.'

NY State E A G.„

NYTIitiea....

NewmontMfnlng
Nleg. Mohawk,...! 13

NICORIno.. 1 27**

Nielsen (AO) A, -.1 *6
NL Industries— 204
NLT | 35lfl

NorfOIkSoutheml 444

Nth.Am.Ceat;

Nth. AmjPhiKps^ 357 S
Nth n. State PwrJ 27*8
Northgate Exp..,. 3

Northrop 1 48'

N West Airlines. 2BU
NWestBandorp... 1.195s

Nwestlnds ...j 544

Nwastn Mutual ..I 84
N west -Steal W....I 16*a

Norton. I 504

Norton Simon 154

Occidental Pet. J 187*
Ocean Drill Exp-! 195*

Ogden- _....! 194

OglfvyAMrth. I 314

Ohio Edison 12 **

Olln 194

Omark J. 144

Oneok ! 274

Outboard Marina'
Overseas Ship. ..
Owens-Coming ..
Owens-Illinois .....

PHH Group ■

PPG Inds

Pabpt Brewtng.-I
Pac. Gaa * EJeot'
Pac. Lighting
Paa. Lumber

94

15

167g

123*

! 524
267b

164

397s
I 30*8
13

| 275s

454

304

I 367*

.254

364

274

3

474
274
195b
53
84
164
294
165e
187a .
19S*
199e
32
124
194
144
26*8

234 I 227b
134'' 13
lSTg I 1S7 b

234 > 23
20 \ 194

39 31*r

204 ; 204

Palm Beach-

Pan. Am. Air

Pan. Hand Pipe.-
Parker Drilling —
Parker Hanfn.

Peabody Inti

Penn Oentraf .....

Penney (JO

Pannzoil

Peoples Energy..;

PepsiCo -

Perkin Elmer—...!

Patrle Stores J

Petra lane I

Pfizer 1

Phelps Dodge—

Phila Elect

PhilbroSel'n IncJ

Philip Morris.

Phillips Pet:

Pillbury

Pioneer Corp

Pitney-Bowes— j

Plttston I

Planning Res’ oh..

Plessey — I

Polaroid !

Potlatch |

Prentice Hell ....
Proctor Gamble.!

Pub. Serv. E A G. ;
Pub. 5. Indiana...,

Purex -

Purolator- I

Quaker Oats....-.:

Quanex

Questor I

RCA,..—

Raison - Purine— .

Ramada Inns—

Rank Org. ADR...

Raytheon

Reading Batas ...
Redman Inds—

Reaves Bros.

Reich hold Cham

235$

264

16*8

16

34

S65b

12

157ft

5*

254

374

544

8

38**

17J B

924

144

56

221*

14

297g

514

32

40

18**

314

154

64

794

177a

22

24*,

834

193, | lgig
224 I 221 B
294 29

34 334*

404 40

84 1 84
13*8 ] 134
1758.! 174
134
4Sg
27?

364
139g
12*8

93

26

16

157g

34

964

124

157b

5Sg

254

384

33*8

! 384
177*

224
14*g
| 644
22*b
14
22*0
51
31
I 41
: 184
314
154
64
794
17**
214
24*,
823*

134

2 s *

2*8
365*

13*8
124
695b 1 694
IQ** ! 10*ft

Republic Steel
Rep of Texaa_.

Reach Cottrell.

Resort tntl A ...
Revco fDSi

Revere Copper

Revlon

Rexnor d

Reynolds (RJi-
Reynoids Mbs.
Rite Aid

Roadway Exps

Robbins (AH).-

Rochester Gas

Rockwell Inti -

Rohm A Haas-

R Dill ns

Roiiti

Roper Corp

Rowan—— -

Royal Drawn —

Royal Dutch

Rubbermaid ......

Ryan Homes

Ryder System ...
SFN Companies.

. 174
284
.1 114
.1 19*a
; 27*,
.1 8*,
274
., 870
.! 451a

174
27S«
11
187,
I 277ft
9

• 284

I 97>
! 44!a

i £2 7 *

i 20%

32

i 31

! 35

! 34%

! 12%

i 12%

13%

14%

31% |

; 30%

! .48 j

I 48%

i 13% .1

1 13%

23% |

23%

10

10

10%

97ft

18% 1

173,

31%

31

1 39 1

38%

1478 ;

16

: 30

30%

i 18

177*

1 14% ’

14%

Sabine Corp. : 334 ■ 33

Safeco 1 324 ‘ 324

Safeway Stores..' 304 - 30
St Paul Cos. ... 36 ' 357a

St Regis Paper..: 21 4 ' 21
Sante Fe Inds. . 14*, ' 141,

Saul invest ■ 67a . 67 =

Sobering Plough 29** 29

Schlumberger.

SCM

Scott Paper

Seacon

Seagram —

Sealed Power .

Searle (GDI

Sears Roebuck
Security Pac.—
Sedco

Shell Oil-

Shell Trans

Sherwin-Wms -

Signal —

Slgngde

,-.1 394

-. 22T 8

J 144
J 244

.... 47
314
-I 54*,
...' 194
... a7i*
.. 2978
...I **4
-•! .27
2150
..; 15T B
...: 4W4

387a

224

14*0

24

. 464
> 514
344
194
274-
29
41
2,74
215*
155*
43 7g

154

25*0

6650

II-

133s

425a

31

324

237a

2250

96

35

344

244

Simplicity Pott..;

Singer

Skyline 1

Smith ind

Smith Kline Beqlc
Soneeta inti.......!

Sony i

Southeast Bxnkgi
Sth. Gal. Edison .1

Southern Ca

stun. Nat Res....!
sthn. N. Eng.Tel.1
Sthn. Pacific

Southlands \

S.W. Banoshanesj

Sperry Corp I

Spring Willi |

Square D....—....I

Squibb-

STD Brands Paint!

' • I

StdOH CHfbmia.' 294

SM Oil Indiana. J 414

SU Oil Ohfa., : 33%

Stanley Wks. j 144

Stauffer Chem... 18%

Sterling Drug...,.' 214

Stevans fJ.P.)..;.,. -15-
Stokely Van K....I 50

Storage Tech ■ 21 4

Sun Ca —J 33

Sundstrand : 25i*

Superior Oil., ;. 30*4

Super VsJ Stre._ 18 '

Syntax... 37*s

TRW -< 494

Taft „ 30*«

Tampax - 33*t

Tandy | 377|

Teledyne JlOO

Tektronix — I 544

Tennaco ! 24 1 *

TaeoraPet I 173,

Texaoo I 29 4

Texas Comm. Bk 304
Texas Eastern 484
Texas Gaa Tm 24
Texas Instrim'ts 1 ' 864
Texas Oil A Gas...; 267 8
Texas Utilities ...! 22

Textron i9*b

Thermo Electron! 141*
Thomas Betts ... 45
Tidewater — 2158

74 J '77J
134 j. 1303

145,

257?

644

11

134

14 . 145b

304 l 304
12l» 1 -I 24
246« | 23*0

Tiger Inti..—

Time Ino

7i?

29*8

Times Mirror!— 2 41

Timken

Tipperary-

Tonka. -

Total Pat

Trane

Transam erica ...

Transway

Trans World

Travellers.

Trlcanferal

I 484

.1 -74

; 194
, 10*0
34

.1 19«a
.( 20
194

,, 214

.! 74

424
30 Sb

334

244
2250
254
24 **

344

245*

294

40%

334

144

184

214

14Tft

30

204

324

254

29%

174

36*4

48%

293*

334

■274
987 B
54
241?
17**
994
30 4
484
23%
854
26 4
21%
19

46~

214

7*4

29

404

484

.74

194

9%

327g

19%

20

194

214

67*

Trl Continental
Triton Energy .

Tyler

UAL- :.

UMC Inds.
Unilever N.W—

Union Camp

Union Carbide.

_.i 187* : 187*

.. 12 1124

... 154 | 147*
... 15 . 176*

..! • 77 * ; s
521* > 53%
4 45 ; 444

.1 43% 1 427*

3

Union Oil Cal. 1

Union Pacifla..r.|

Uniroyal

Untd. Brands j

unt Energy Res.

US Fidelity G |

US Gypsum ...— ...1

US Home

US Inds — -I

us Shoe- :

US Steel - I

US Surgical-

US Tobacco-—.

US Trust -

Utd.TechnoIgs..
utd. Telecomms.

vS-".:::::::::::!

Vartan Asaocs. ...j
Vemitron !

Virginia EP .. —
Vulcan Matrls ... '
Walker (H) Res -.1
Wal-Mart Stores ;

Warnaco -J

Warner Comms-i
Wamer-Lambt —!
Washington Post 1
Waste Mangt —J

Weis Mkts

Wells Fargo

W.Polnt Pepol.—I
Western Airlines'
Westn. Nth. Am r. I
Western Union —I
Westing house — ;

Weetvace —!

Weyerhaa user — I

Whaetobratr F.J
Wh eellng Pitts ..J

Whirlpool .; 1

White Coneottd-I

Whittaker -j

Wicket

Williams Co ;

Winn-Dixie str.. J

Winnebago -!

Wise Elac Power

Woolworth

Wrigley—

Wyly

Xerox •

Yellow Frt Sys ...

Zapata

Zenith Radio

337*

34ta

B

74

294

384

267,

.114

10

33%

18%

203,

434

34%

-58%

17U

41%

45

327ft

33%

8

7%
28%
38 -
27%
114

97,

33%

18%

204

434

341*

37%

171ft

414

441,

374 ; 37

9 j 94

Z2% ! 12
414 ' 44%
134 ■ 12%
544 1 52%
31% ' 314
494 • 491,
21 ' 31

354 : 35
277? ! 287b
27 4 27

197|.: 197*
234 : 23%
'6 | 5%

9 , 94

287* . 29%
254 ! 25%
19% ; 194
23% ! 23%

27l«

127*

31%

241?

214

3

154

36%

6%

30%

187,

32%

5%

32

124

15

11%

I 264

134
30%
! 244
! 221 ,

I 3
154
36%
1 ® 3t

; 30%
: 18 %
: 32
; 84
: 31
: 124
: 15%
. 11%

Indices

NEW YORK

—DOW JONES

! 1982 Sinea CmpllT n

June June ■ June June- June ; June — - — — -

ZB 25 : 24 23 22 21 High : Low High ■ Low

elndustr'ls BI1.93 S93J08 8I0.H81S.I7 799.6B 7B9.6& 8S233 , 783.S2 1051.70 4142

(4 r li ; (18 <Si (ll;i;73i (2j7:0)

H'meBnd*. iuj . 58.*a 55.6a 58. GO 50.49 08.48 WJ27 \ 66.87 ' — . —

< ‘ ' 137/01 i (12f2i : i

Transport.. S13.S5 3I5.SS 317J10 316.70 307.70 30S.78 688.46 ' 56S.7S 447.88 12.82

' (7;l)

Utilities-. 1B6.S2 106.57 10S.6J 106.18106.80 106.15 116JB

1 . (7/6)

Trading Vol

OOO-I 40,700 38,740 56,860 62,710 SS 290 56,870 —

e Day's high 816.69 low 800,51

l216i (I6/4i811 (617/82)
108.61 . 168.32 10.5

(13/1) (20/4/68) (28/4/42)

Induat’i div. yield %

June 25. j June IS June 11 Yaar ago /Approx)

6,95

7.08

6.90

5.50

STANDARD AND POORS

June ; June , June : June , June j June

1982 51 rice Cmpli't'n

■ 26 , 25 ] 24 ; 33 j 33 1 21 j High | Low . High , Low

:lndust'l» .. 123.44' 122.03! 12252' 12U8: .121.16: 1I8.BB WM \ 118.41 < 1 MJ 0 I 3.62

I |4/T> (8/51 (28/11/81* (30/6/52)

^Comp'mite 11B.2E 103.14. 10958 110.14 1 108.80 ! 187.20 122.74 187^0 : 14O.0J , «.407
- 1 i i I ; (4/1) : (216) ^28/11.38' (1/B/S2)

industTdh/. yield %

June 23 June 16 Juoe9 : Year ego (appro X

5.89

5.97

5^6

4.74

lndust'I P/E ratio 7.76 7.85

7.66

8.98

Long Gov. Bond yield 14.DZ 13.66

13.39

12.92

NY. S.E. ALL COMMON

Rises and Falls

June June June June
23 25 24 23'

1982

High • Low

(4/1)

JuneZS Juno25 June2

1,831

1,794

1,843

876

450

750

505

. 910

689

: 450

1 454

■ 404

26

12

Z9

45

57

1 34

MONTREAL

June : June ; Juno June !-
' 2B . 25 l 24 I 23

1982

High

Low

Industrials ; 269.76' S8.47; (c) ! 26I.2l! 152,73 (4.1) : 249 (21/S)

Combined ' 246.72- 94c^7 ( io> i 247.45' 216.03 («. 1 j . 257^7 ( 21 /Si

TORONTO Composite MILS. R97J 1485.5- 1413.91 7966.8 (4.1) '{ 1566.7 (21/6)

NEW YORK ACTIVE STOCKS

Monday

Cities Sorvn

NLT

Mass Pct/lm.

E*von

IBM —

Change

Change

stock* Ctoswg

qn

Stocks Closing

on

IMICd

price

day

traded

price

day

7B5.400

54S

“ ’i

Am. Tal. & 7*1. A38.100

SO

- %

754.7110

3bh

-1%

Amerada Haaa ... *34,200

13

4- %

516.600

13 T .

Amer. Ex Dross ... 391.100

41«.

+ **

*55.900

2!\

+ ’a

Tandy 377.300

2T\

+ \

•153 .900

61%

,+. 7 .

Goodyear Tire , 574:300

25

+ 1%

ff- _

(■•) Sarurdsy June 26; Japan Dow 7203 90.’ TSE 533-40.

Baea values of all ladies* are lOO excsot-Avstiaba All Ordinary end Metals—
500. NYSE AH Comreot>— 50; Standard and Poor*— 10; and Tofona>— 1.000; the
last named baaed on 1975. t Excluding bends. induiatala. $ 400

Industrials Dlu* 40 LUilihu. 40 Fuunftwls and 2D Transports. cCloaad
u Unavailable.

Wall St mixed at

AFTER MONDAY’S good tally
on Wall Street, an attempt to
recover further ground yester-
day morning petered out. leaving
stocks with a mixed appearance
at rrwd-sessicm.

Tbe Dow Jones Industrial
Average, which picked up 8-85
the previous day. was only 1U4
higher at ai3D7 at 1 pm yester-
day, while :fche NYSE All
Common Indent was down one
cent At 9EL28. Declines led
rises hy a few issues after a -fair
trade of 33.21m shares, against
Monday's 1 pm figures Df 25.93m.

Analysts said- some profit-
taking appeared, to be tnHbiting
the market's progress.

Diamond Shamrock rose 3f to
S21J on volume of over 345JKK3
shares. The company ' was
mentioned rn a published report
as a possible takeover candidate.

Holly sugar was off 11 to S4S|
after trading as low as $47. ' The
company said a class action: law-
suit was filed against iL. seeking
to keep it from -going private.-.

Conagra -picked' up 11 to -$22}
and Peavey { to S27}. Tbe com-
panies have agreed not ‘to com-
plete their merger until July 13
to give the FTC more time to
review the deal.

‘ Frccport-McMoran gained li
to $16}. Baldwin-United 11 to
$545, Son air 1} to $6, Xoran $1
to $35 and Sonat 1} to $25}.

THE AMERICAN SE Market
Value Index declined 2.58 .to
250.6S at 1 pm. Volume 2J8m
shares (1.74m).

Canada

Most shares retreated In fairly
active early dealings yesterday.
The Toronto Composite Index
dipped 35.1 to 1,376.1 at noon.

The Gold Index was the sole
gainer among the 14 major-
indices, posting a 21.1 rise to

1.562.4. The Real Estate and
Construction index was off 195,7
to 2,958.5. while Oil' and Gas fell
92.8 to 2.408.1. Metals 20.3 to-

1.216.5. and Utility issues 65.0 to
1.316.3.

The falling market follows

Monday's Canadian Budget
address, which left' little hope of
improvement in the business
environment,. -Analysts said.
Declines outpaced advances by
298 to 56. Among actives. Bell
Canada lost C$1 to C$175. James
Cripps, utilities, analyst with
Pemberton. Securities, said it
appeared frotir the Budget speech
that' rate: increase, for. Utilities
which are regulated by : the,
Federal Government, could be
limited. ‘ *

Tokyo

Closing prices for North
America were not available
for this edition.

With Hitachi shares ' coming
und£r renewed -pressure later m
the day. the Tokyo market, after
a modestly firmer start in the
wake' of . .the.-oveniJgiTt Wafl
Street recovery, mainly declined
with Blue -drips to the fore; The
yen's continuing weakness in
the. Tokyo currency market also
dragged stock prices down.

The Nikkei-Dow ' Jones

Average was finally 23.49 down
at .7450.70 and the~ Tokyo SE
index LOT- weaker ^ at - ' 536.89.
Trading was rather quiet,
although volume, ",:at 220m

shares, showed some 'nnprove-
meat on Monday's 180m.

Traders - said pressure on
Hitachi grew in. the afternoon
and sent many -othMe, down. The
pressure sprang frixm talk that
began c rrci ri atlng in mid-morning
that XJ.S. authorities : are 'fnvesti-
gating three other rifees of in-
dustrial espionage fallowing the
recently announced case than in-
volves Hitachi and' Mitsubishi
Electric. " ■

Dealers reported, a - stream of
.fresh selling orders -for Hitachi
yesterday, estimated by some to
amount to nearly : ’lm- -shares.
Having fallen Y22- more bn Mon-
day. Hitachi farther retreated to
below the Y600 level beiOre re-
covering a little to Y603, down
a further Y12 on tbe day.

- Mitsubishi Electric ended Y5
lower at Y233, while other Com-
puter Manufacturers fell . afresh.
Toshiba dipped Y8 to . Y305.
Nippon Electric' Y23 tb- Y755
and Fujitsu Y8 to Y720.

Among other exportrorientated
issues. Sony receded Y50 to
Y3.390, Fuji Photo Y20 to
-Y1.420. Toyota Motor Y5 to

Y910. Sharp YI2 to Y788, TDK
Electronic Y80- to Y4.000 and
Olympus YB to Y813. ; ’

• Pharmaceutical stocks suffered
losses on' worries.- tirat the com-
ponies, locked in • heated .compe^
titiou in the development of
Interferon and other new. gener-
ation dross, might possibly - be.
involved - in any new U.S.“ Indus-
'trial espionage cases. :?;■ t :

Germany

.. An easier dollar; the overn^jht
Wall .Street; rally and news of a;
WeSt Gerinan -trade surplus - of:
DM 4^9bn . for May encouraged
both domestic and foreign ,buj%;
ing, propelling most Bourse
pnees to higher ground. : T&e.
Co mme rz b ank inder gained * SX\
at 682JS. - . ■- ' • V- ’

Export-orientated 'Engineering
proved., major gai ners from :the
trade figure^, with. fiHH climbing
■ DM 250. Deutsche Babcock
DM 2.00 and KHD DM 1-80. : :

Is Steels, Hoesch -gained
DM 1.40 to a '1982 hl^i : of-
DM 29.60 FollOHdflg r news" of <L
new corporate . investment! rten
with Krupp Stahl, up D^I -iJ50;

Chemicals were, noteworthy for
rises of DM 2:50 and £>M 2'respec-
tively in BASF' and Bayer ’ .

Sentiment "'on.- -West German
Rond markets also improved on
the trade data^ as 1 well as hopes
that the • approaching half-year'
redemption, day - will.- free
liquidity -for revived -market
activity. Public Authority Irenes
posted gains '.extending to> '35
pfennigs, r •; '._

Pfflrs •_ ' / '

French and foreign share-;
'prices mainly gained ground iru
brisk ; trading in - what traders
said, was essentially & technical ,
recovery after the declines of
the. past two weeks..

Helping stocks to rise was
some buying by certain - Mutual
Funds whose portfolios must be
composed 60 per cent of French
stocks at the end of each quar-
ter, and also tbe -rebound pn
Wall Street overnight - V
In Constructions. ' Rouygaes
rose FFr 40 to Fr 620 -after the'
Paris Commerce Tribunal ruled,
the company’s takeover of Group

: . . . ..-

Dnmot invalid and- n fefes i rfT Agr
takeover . operation: / 1 ^
reversed. if fr'-;. \

Australia

■Markets took to , a
bti^iter tone yesterday, helped
by. the -■ overnight > Wall-^ Street
rise, a rally in. the Ntor
Gold BnUioD-.' Price 'aud- som 8
imppcrvemeht iuv ibasex-imrtai- ■
prices, -on the -liOhi&n'iMefcals-
'Exchange. . Vv-*',?/ -

: ‘ vA number of
performed-; well,,^ "jdthuagh
.day's best .levels were antheld. .

.■- .The Australian. All Ordinaries
' index picked, up
Metals.:. : and. Sfinerals.:li.l to.

. 33513- and Oil and Ga£. 6 Jt to '
4325, - : . - •; ;■ «*;;■-

BHP rttee. 6 cen&' to;-^A$7.ab.
(SR 13 cents to AS2.75;- , CBbl '‘76
cents to AS2.S5, MBS I^.ceu^ uj
: A82^2 and -Norto Broken -Ml
: 12 cento to A 8 L®; -* ; Western
Mining ended' 6 ' ceatfc- up at
A$3.I6, after touching'' AS&2i .

Among ; Gold Mining^ stocks,
Peko-Wollsend added 10 cents
at AS3J85 and JbseWon .8 cents
at A$140. . •....

> -In -the OH and Gas sector.
Santos _ improved, 8 .cento tp
AJL98 and Bridge Oil 15. cents -
to AS3J5. .

The battle for Eetafler Grace
Bros returned to centre* stage
with Woolworths announcing a
:share^exchange offer. - , : WooI-

wtoths dipped a cente'.to*A 51 J 3

but Grace ) 1 added 5 ’cents at
AS3.55. ' 1' ;. . •- - ■_ •

- Other Retailers . finned, with
Myer rising ; 7: tents ts ASL-S
and G1 X Coles y cetits'to AKL12.

: Hong 'Hong- V ’

The.; nsoiket Jnanaged. .]ast' a.
slightly ' 1 - firmer opening in
response .'to the- orvenii^it Wall
Street - advance. . Prices * then
moved; narrowly In -.extremely
thin trading before etidizig. little
changed toi the 'day-> - •

Drokers described toe session
•as boring, iind predicted- thattoe
market would continue to move
ton' a -ziamow. range- in^fee- hear
■fdnn. . . : The .-'priine determinant
of its direction, they, added, will
remain Interest rates.:. ... V .

4

CANADA

Stock

June i June
28 | 25

AMCA Inti j

Abttlbl

Agnlco Eagle.

Alban Alum In -...I

Algomk Steel !

Aibfi<tot«.. . |

Bk Morrtrea L f

Bk Nova Scotia...!
.fiaslo Resources^

Bell Canada i

Bow Valley

BP Canada ....... J

Brasoan A

Brlnco

B. C. Forest.

OIL Inc

CadlllacFalrvtawi
• Can Cement M
Can NW Energy „

Can Packers....

Can Trusco

Can Imp Bank...,;
Cdn Pacific .....

Can P. Ent 1

Can Tlra M ..,. M ...,

Chiartain. — I

Comincc..—

Cons Bathst A. ...
Cont. Bk.Canada|

Coaeka Res _.'

Contain

Daon Deval

Denison Mines......

Dome MJnea...
Dome Petroleum

16% 16%
18 I 17
5.50 i 6JS7
23 1 22%

25' | 94%

10%

18%

21%

2.50

187*

14%

23%

14%

3.05
7

19%

6%

8%

22%

30%

20%

18%

26%

13%

33%

21*i

35%

14%

654 .

3J75 | 3.80
6% • 6

10%

17%

21%

2.50

187*

SF

6%

19%

6%

8%

22%

30%

20%

18%

28 %

13%

35%

2t»0
35 .
15
6%

BH.GEUM (continued)

June 29

Prlea

Fr*.

Petrofina —

Royal* Bo/ce

Soc. Gen. Banq-

Soc Gen Bclge, n |

So fin a,

Solvay...

Traction Elect _.

UC8.

VhalHeMont

4,530

5,190

2,525

l'l84

3,415

1,915

2,440

2,280

2 , 120 )

+ ot

4-30
ft- 10
4-20
4 -22
—■85
4- IS

+S

DENMARK

June 29

3.00

17%

8%

6.12

Dorn Foundries..! 27%

Dam Stores 13%

Domter 1 15%

Falcon NIckeL....! 34%

Ganstar...,. 117*

Gt Wait Life -ISO

Gulf Canachu~....[
Gulf Stream Re*.|
Hawk Sid. Can ~
Holllnger Argus. J

Hudson Bay Mng

Hudson's Bay I

Husky Oil I

Imasco —

Imp Oil A. —

Inco .....

Indal. — i

Intar. Pipe.. ,_J

Mac Bloedel i

Mark* ft Span oer I
Massey Ferg. .... .
Mclntyro Minos..'

Mltol Corp.

Moore Corp

Nat Sea Prode A
Noranda Mine*.,..

14%

1.93

7%

26%

IS

15%

6%

38%

if”

9%

17

2.75

17*s

0

6.12

28

13%

15%

33%

11%

180

14%

1.95

7%

26%

14%

16%

5%

36%

33%

107ft

9%

16%

17%

7%

2.40

23

17%

SJi

23%
21 % / 20%
35 I 35
5% I 5*ft
12% 12%

June ' Juna i June ' June
29 28 25 24

1982

High f Low

AUSTRALIA

All Ord. -U1/W1

Metal A Minis. 0 1.00)

470.8 , *65.4 466.6 4B4J -
5K.3 324J £24.8 519.5

5»J (4:1)
42S.1 i6/T)

455.8 nO/51

208.6 (25/6)

AUSTRIA

Credit Aktien (2/1/82)

40.68 41,50 40.50 40,71

58.95 (4/1)

48.60 (28(6)

BELGIUM

Belgian SE (J1/12/S3)

i ;

02.80 82.80 8S. 16 05.68

102.44 (5/4i

' 88.4* (20/11

DENMARK

Copenhagen SE /1/1/73)

111.51 111^2 111.15 110.NL

126J2 (25/21

108^5(1016)

FRANCE

CAC General i31>12/BD
Ind Tendance (SI/13>B1)

100.0 30,5 08.70 90.8 '

l!M 108,7 . 109, H' 109.4 •

111 . 6 ( 12.61
1*4,8 (12/5i

05.6 (4(1/

87.7 14,11

GERMANY

FAZ-Aktien (S1*I2«8) 220.74 522.19 222.00 222.24

Cemmerzbank/DeclftS} 682.8 677.7 677.10 677,8 '

253.4S (5/4)
T23A (5/4>

210^8 nun

866.7 0 8/1)

HOLLAND

ANP-CBS General (1970)
ANP-CBS IIKfuet (10701

i

«1* 86.8 j 07.3 ’ 87.9 .
07^ . 67.S ! 67,0 . 6M ■

95.0 (I9.-5)

74,0.(10/6)

04,0(6/11

65^ (4/1)

HONG KONG

Hang Seng Bank(S1/7/S4 1269JS 1288, 76 ret 1373,62

1446J2 (12/1)

1128.85 (9:41

ITALY

Banca Comm Ka!.fTB7Z1

1

1U.17 133,42 1502 157.70

*12,68 (16/8)

1M.T7 (29/B)

JAPAN-
Dew Average (1

Tokyo New SE (4/1.-0B)

7180.70 7204.13 7202.(5 71 62^0
S5S.43 550.06 548.61 546.86

7826.66 (97/11
USX (27/ 1i

6889.55 (174)
520.70 (174)

NORWAY

Oslo SE (T;1i731

115.54 116.25 116.47 117.41

. 150.69 (25/ n

10.12 (1/01

SINGAPORE

Straits Times rl*»J

693.28 ®S,ra : 69S.98 887.84'

810.78 (6:11

687.49 (84)

SOUTH AFRICA

Gold flStti

Industrial (UtS)

(Ul 852,5 SOI .8 294, 1 ■
<ui . BBUi 612.2 612.1 l

663.5 (6 'Vi
7iu m\

541.1 (21/8)

6854 (284)

SPAIN

Madrid SE (20/12(01)

fU) | (ol : KJt ' S6.78;

W7.*0 (9«)

86.78 (24/0)

SWEDEN

Jacobson A P. (1/1(5*)

3UX 564.07 frt - 688.01 i

66543(1010

SWITZERLAND '

Swiss Bank Cpn.lS 1/12/88)' S 455 244.1 , 20 A ’ 248.2 ■

*65.1 (11/1)

141,4 (21.6) i

WORLD'

Capital Inti. (1/1/70)

. - - - . 153.5 ; 126.4 •

147 J (4/11

125.7 (Sl/8)

Nthn. Telecom...
Oakwood Pet
Pacific Copper...
Pan can Petrol ..
Patino. ....
Placer Dev.
Power Corp. —
Quebec Stran

'48 : 48

10 % ■ 10 %
. 1.35 , Z.25

66 I 66

. 17% ; 17%
12 % . 12 %
8% j 8%

2.00 i 1.95

Ranger Oil.. . 6%
Stenhe A...., 10

gom.. J 277*

Bank........J 19%

Trusco A... 12%

re Res 6.00

am 60%

San Oil, [ 17%

9f Can. A....; 17%

6%

9%

28

19%

12%

5.87

60

17

17%

i homson Newt A'

5% | 5%
267* 26%
19 18%

24 83%

17% | 17%
7 1 6%

17 I 16%
11% I 12
28 | 38%

June 29

+ ar

208
180
270
66 I
i6s ;
158

BBjGKJM/UJXZMftOUftG

June 29

GBL (BruxLl .....

Gevaert

Hoboken-.

Intercom

Krediotb&nk ....

Pan Hldgs..

And e I aba n ken.
Baltloa Skand .
CopHandelsbankj
O. Sukkerfab...
Danska Bank—..
East Asiatic—..
For ends Berygg.
Foranede Damp.

GNT Hldg-

Jydske Bank

Nord Kabel

Novo Ind

Paplrfabtlkker
P rival ban ken
Provlnebanken.-^

Smldth (FU '

S. Barandsan

113.6

325

136

324^|

126

87 J)
637
408
230J)|
178
124
1.6551

81 ,
122.2
118
186.61
497

963

+ or

+8

^03

-4-2

-1

-1.4

+ 12

-0.4

-1

+43

ntANCK

Juna 29

Prlae

Frs.

Emprunt 4*J 1878.
Emprunt 7X1871J

ONE tit

Air Uqulda

Aquitaine _ —

AuPrlntemps 1

BIC -

Bouygues .. — ...

BSN Garvals

Car re four, 1

Stub Med Iter .

CFAO I

CSF( Thomson)...

Cle Bancalre |

Cie Gen Eaux~... (

Cofimeg.. j

Creueot Loire .....

CFP. :

DNEI ;

Dumez - J

Gen.- Ocaldental.!

! metal

Lsfarge

u'Oreal j

Lag rand. I

Machines Bull ....'

Metre .. I

Mlehelln B.

Moet-Hennesey ,.i
Moulinex

Pernod Rloard...]

Peugeot-SJL |

Poc/nln

Radloteoh

Redoute... I

RousseLUolaf^... I
Skla Rosslgnol ....
Telomeoh EloetJ
Valeo — . ..i

+ or

1,72 a-
6,197
£146
467.9
116
144.6
490
620
1,329
1,410!
530
650
132

164.6|
283
118^
78. B
136. !
*5.21
1,010
4121
52.5'
219X
909
l/ws;
30.6,
1.316,
a5a l
730
64 !
347 ' |
164
136JII
112 I
260
898 (

282 i.
660 '
763 I
180

+38
+ 27
+6
+7.9
+2.9
+4.5
+9
+40
+19

+ 14
+22
+4.5

+ 5
— 0.9
+0.1
+1.3
-0.4
4lJ*
*32
+4.6
+ 1.5
+ 1^
+20
+39

-10

+ 15
+ 1
+3
*1.5
+ 1.9

+V
+ 28
+ 1
—4
*8
*3

GBUCUNT

June 29

Price

Dm.

ACG-Telet,.^

Allianz Vers.

BASF I

BAYER [

Bayar-Kypo_

BajW'Verein I

BHF'Bank J

BMW. Zj

Brown Baweri....|

CodiRierzbank...

Conti Gumml |

Daimler Benz...
Degusea...-

Demag

D'sohe Babcock^

Deutsche Bank...

DU SchUlt .-J

Drssdnar Bank...

GHH

.Ha peg Ueyd

Hose hit... !

Hoesch

Holzmwm

Horton ■

Kali und 8aiz...._ '

Karstjult ...|

Kapfhof.

KHD - ^

Kloeokner

Krupp-

Lind*. 1

Lufthansa.

MAN

Mannesmann

Mercedes Hlg —
Metallgesseir.
Muencn Rueek.~

Preussag .

Rhdn West Eleotj
Rosenthal,...

Schorl ng _|

siomen

Thyssen..-

Varta '

Veba. >

Vorsin-West. !

Volkswagen i

31.6

465

114

109.M

206

268

206.3|

203

176

137

49

292.51

+ or

130

184 |

263.6
170 I
138.5!
181 !

56, 9i
110 '
29.5,
412 .
119.51
.1*1 '
205 !

178.61
179.3,
35.7|
* J 61
282
54
IBS
141
257 ,6|
200
658
XBS.rt
166 ,

251.6
279
917.^

86

241.5}
126.®
269 1

142.6

-1.5
+ 1.5
+2.6
+2
+ 1
+1 J5
+0,8
— 1
*1
+2.8

+ 1.6

+ 1

+2.3
+2
+ 1.6
+ 1
+ 1.3
+2.5
+ 1.8
+0.8
+ 1.4
+2
-1.5
+2
-2
-1
+ IJ6
+ 1.2
+ 1

Id^'
+ 1
+ 1
+2

+iT"

^0.7
+ 03

+ 2 .
+ 1.3

+as

+0.6

+u

HOLLAND

.. June 29

ACF Holding-

Ahold

AKza :

ABN- !

AMEV

AMRO. _

Bradero'Cert...L.

BoskaR* Western

Buhrmann-Tet

CalancfRId * .J

EtoovterNDU-

Tnnia

Euro Comm Tst.

Gist-Brocades...

KeJnakan J

Hodgovane ........

HunterDouglas.
Int Muller—... —
KLM- -J

NaSrd en. —

Nat Nad oertL.. J

Ned Cred Bank.!]

Nad Mid Bank-3

Nad Lloyd -[

OeoGrtntan—

Ommcren (Van}^

Pakhped

-Phillips 1

Rfjn-Sohalda 1

Robaco

Rodameo—. ....

Rollnco

Roranto — ,

Royal Dutch...-— •

Slavenbuig's., 1

Tokyo Pac Kg ....

Unilever

Vlldng Res...—'

Vmf Stork I

VNU j

West Utr Bank ...

Price

FIs.

+ or

AUSTRALUL

Prteaj +'or
Juna 29 {AustftL^—

+ 0.6
+ 1.1

+1

^1.5

—03

+0J5

+0.7

+02

*4A

-Ml. 7

ITALY

June 29

Assleur Gen—

Banca Com'le
Bastogi Fin—

Centrale ...~
CnuHtoVareslno]

Flat

Flnslder.

Invest—
Italcementl.
Montedison ... . .

Olivetti ...j... J 2,190

PI rent Co | 2,140

Pirelli Spa 1 1^35

Snla Vlscosa — 1 620

ToroAssio 10,500

do. Prof, — — 7,710

NORWAY

!• ••• i

. June 29 ' : Price ,
(Kroner,

Bargens Bank:.. J 107
Borrogasrdn — ! 106

Creditbank.™ I 130 j

Elkem. -..J *7

Kosmos...., . —...! 300 !

Norsk Hydro 1 272.5

Storebrand ....

+ or

185

+ 1
— 1.5
+ 1
— 1
-3
+ 5
+ 5

SWEDPI

June 29

■SXf

+ OT

AGA I 192

Alfa-Lav&l..._. '203

ASEA ...... 174

Astra 1 417

Atlas Co poo.. ^

Botlden.^ : — ^

Oallu/osa

Electrolux- B..n...
Ericsson

Esaette(Frae).^^.|

Fagersta ,

Portia (Free> ; — j
Mooch Dom

Saab - Skanlau. j

Sandvlk (Free)!!!.

8kandln_.

Skan Fnmidi ds-' 1

SKFB...

St Koppsrberfl...

Sven Handelebn.

Swedish ftwteh.

Volvp (Free) —

108

162

213

81

211

139

135

143

las ;

■129 I
170 j
485 I

SOB
118 (
270 j
' 99.9
-105
149

I •

+2

+2 "
— 1. .
+ 1

^aif

+i
+ i

+2 .

-2~

—2

-2

+3

-4LB

SWITZERLAND

j line 29*

Price i
•Frs. !

Alusuisse _■ 461:

Brown Bovsrt ~.l 883'

CUw-Geigy 4 i^W;

do (Part Carta)-; 1,000
Credit Sulssa.—; 1,640
Eiefctrewatt 2J70
Fisehsr (Geo) *351
Hof f-RochePtCt* 56.000
HMf-Roohe 2/10 5,550;

interfood __L6,5BO

Jelmoli-. ..J 1,864

Landis A Cyr—J
Nestle.

7M5I

3^25

Oer Buefirle. i 1,1*8'

PIralll - I- -216c

Sandoz (Bl : 3,900,

saddoz (Pt CWJ SW
SohindiertPt CW| 885'

Swtesalr..... 688

Swiss Bank ■ 270

Swiss Relnaca...., 5,900
Swiss Vdksbkt 995,
Union Bantu-. ...i 2.763'
Wlnt«rthur.^..._ 2490
Zurich In*— 14,350'

+3

*25

+io7

-25.
—6' ■
+ 1750
+ 330

— 80"
+5
+ 10
-3
+ 1

! i"5 "’

■£io"

•3

—23

iS

ANZGroUp
AcrowAuat ....

Ampol Pet

Assoo. Pulp Pap

Audhnco^

Aust Con*. Ind..
A list Gyarant ..
Aust Nat IndL.

Aost Paper- .
Bank NSW ._L—
Blue Metal
Bond Hldfls__..

Boral

Bi 'villa Copper-
Brambles inda...

Bridge Oil

BHP

Brunswfck OII-_
CRA

csr

Carlton ft (Itd..^.,

Caatfemalne TVs .

duff on (Aust).. I

Do, Opt* —
Cookbum Cemt

Colas -(G JJ ~|

Comaloo

Costain

Dunlop

Elder-Smtth GJ34-

3:73

140

1^0

IM

0.12

1.3H

8J8d

2.55

2J0&4

L32

1.13

2.40

Llfr

U08

335

7.10

-0.141

2.85

8.75

1^1

3.80

ftAO

0^37

130

2,12

1.70

1.4

097

230

*0.05

-ore

—0^5'

.-021

+0.07

-+Qja

+042
+ 0.03
+oja

+OJ5

r'O.VB

+0.06

■-0JU-

+0.18

+0,18

—0.94

+0JU

+0.02

+026

S Co_:_;.

J»Es?LlL.
Mftsu-fcoshU ....„
NGK insulatonlj
NIppoa.Denoo
Nippon Galdd

WponSulsan_

Endeavour RaaJI 0.W

Gen. Pre.7Tost_i 1A9

Hartogan Energy,. 2J0B

Hooker 0JM

IC1 Alilt - L— ■*.[ L36
Jennings...,...:...', 1.18
Jimb laoa(SOcFP( 0.16
Jones (D).„...;.i„J 1.70
Leonard Oil- .....I 0.10

M»M„.; 2.82

MeekatharraMs.' 1/85
Meridian OJI> — - ai4-
Monarch Pet— ..i 0J6 T
Myer Emp.—— ! 1^5

Nat Bank- 2.41

News...: 1.8S

Nicholas Kiwl^. 1.15

North Bkn Hill 133

Oakbridge^. .1.40

Otter Expi i. 1 <L30

Pan con 1.36

PanPacific.^ — ] OHO
Pioneer Co — W»
Queen Marg’t G.i OjOB
RackHt 8rColn._j.lJS5

Santoe „.... _l 4J8

Sleigh (HQ ‘ 1-02

Southland urn's. 1 °-30

-I

Spargoe Expel..
Tho*. NatwMs^

Toothy :

UMALCons,

Variant Consdt J

Waltons

Western MlningJ

Woodsfde Petrol!

Woolworths ...
Wormaid

0.20

133

3.00

1.73

0X17

a?5

3.16

OJ2

133

230

^+OJ>T

-OM

-6j5

-maa

—0.05

■^0.92

+0j‘i

^5 fr

+IL12

+032

+o:s

^635

+ojn

+0JM

+0.64

+OUB
+0.06
+ 0.D6

*0.06

+0.01

-0J9

HONGKONG

June 29 Prioe ! + or
; HJC.S j —

Cheung Kong*...!

Cosmo Prop. )

Cross Harbour.. ^

Hang Bang Bank-

HK Etoctr1o_

HK Kowloon Whf-

HK Land. _J

Hfc»hanghi Kk.J
HK Telephone^..'
Hutchison Wpa_.
Jardlne Math

New World Dev_

O'seaa Trust Bk.1

SHK Props.

Swire Pac A.

Whoel'k Marti aJ

Wheel’ KMariti'e 1

+036

JAPAN

June 39

I Prioe

f Y«r»

Ajinomoto,.

Amada:.... '

Asahl Class.

8rtdgoston«_

Canon_

CHIzan :

Dalai

DKBO

Dal Nippon Ptg..

Oafwa House.

Dalwa Seiko.. ...

Chora

Elsai .

Fuji Bar«_

Fuji Film

Fujisawa ..
Fujitsu Fanuc...
Orecn Cro*s«...

Masegawa

HoiwaRlEaat...

Hitachi

Hitachi Koki

Honda

Houaefood

Hpya

llah(C).L

I to- Ham-

Ito-Yokado

JACOB

Jai

Jusco
Kajima

Kao 8oap^,_..
Kashlyame
Kikkoman.^.

hcirln

Kokvyo

Komatsu ......_

Komatsu Fhft

Kanishrouui ..

+ or

-2
— r

-40

iAPAM (oqntlnded)

^utt»-29

KUbota i.
Kumgsal^.

Kyoto Oome;..;

MaedaCens^r^

Marubftnn^L^t,

MsrUd^ i ,___'.:„

MarUJr*i.r..-^LL„J

Matsushita L.

Ukriul fk nn-.

•rtmeeWM^K

JUFUsUBeblc-

MibloW -Corp . „
M’blsfil Elect.

M*bW)LW EftitJ ;48*4'

Price

Yen

'831

382

3:580

378

ore

721-

585

865

909

tear
I .Boat |
508-
233

MHL

. 190
-A13L'
645.
•354
470
996
640
378
B82

Nissan Motor j
NWifilh Flodr._ r

Wsshln 8tea»„_-J

Nomura .wj

NYIC.:..„

Olympus.—.

Orient..^

Ptansac^.L.~.__ft
Repown^..

Mooli:..,...,

Sanyo Elect-_.L
Sapporo..

Seklsul Prefab ...

Sharp-_.._.,

Shlslado. :

Sony '

Stanley.

Ftomc Marina.
Talhel'Oengyo.
Talsei Corp- — J

TaishoPharm

Takoda.

TDK

13®

, 225
J 31940

TeUlo-.— .

Teikokudl .{

TBS

TokJo Marina. (

Tokyo ElaetPwr,

Tokyo Gat- _J

Tokyo Sanyo
TokyuCorp — ^ — ]
Toshiba

TOTO

Toyo Sofkan

Toyota Motor

Victor _.a,210

WaooaJ — j 716

Yamaha 690

YamaxtM J 517

Yasuda Flra' 231 .
Yokogawa B dgg. 500 j

823

.550

158

-.412
248
913
IJJ80
1.510 *
716
456
416
.261
705
.788
086

.338

219

606

236

610

403

j4,00Q

,219

895

431

448

832

107

453

202

305.

405.

456

910

-12

—7

—50

— r~

SINGAPORE

June 29 - I Prise + or

Bqusteed Bhd„.
Cold storage^...
DBS —

PraeerftNoBws.

HawPar n

Inch capo Bhd_.
Malay Banldng^.
Malay Brsw.^_

BimeDarijy!“'^L

Str ai t s Try.,..

UBO

.1 -1A6
j 3^8
. 7.TO

. 5.80

. 2.71'
J 1.9T-

,1 6Ju .

i 4.86
8.10
1 J»
5.5'
4"

+O.B1
+ 0.02
-0.06
-OJ»

+au

-CM

+OJT

SOUTH AHUCA -

June 2ft Price
jltand

Aba room ' j
AEftrCI..^.^

Anglo Am...^o._J
Anglo Art Op|q. ; l

Amplo Am Pr opJ

Bartow Rand 3. J
Buffels'^.iL.^.'.J
CNA Invest.; 1

Currie FlnancaLj
DeBeertL.~

DrfafonMn .

FSGeduJdLZIIi
Gold Fields sa.._
Hlghvald SteaL^
Hutatts— \7ZZ~
KJoof, li .j 1 ^ i ..— -
Nadbsnlt_..,

OKBazaars.^.rf

Prtrtea Hldgs j

Rembraot^.

Ronirta# .

RgStPlBt,..^.^,

rngeroaio,::,..^:,

Unisac,.^.'. — t.-jJ

" ^
■ i

.■ w.

. - r

PJ-

-; k ,

P J" >:

. V-,

T > r -
'A ‘

Finandal Raad USM J6 .

(DisaHuit^ri3%>^

5RAZIL

Juna '2ft .J

+io _

^ NDTES-Prtoee on this
WMdual esrhsngea .end «
*9 Ex dvMMtf.

» bc an. .....

ot'.i'’.

B-uioq BncNILLL^

&*«B0.MIn-- w rL.'

lfiasAiiWr.LLL.

MMioesmanncip
P«frobrasPP_.

SotitaaOraz^LL..

Val + RtoDoc^L.

' Vptunw iSftoro >. .. ...
Sui'rcei'fto

Page

• traded '

TO Ex

•1 '

„ jfO •

f, " : '
'tfis"'-* .

.rtljtl
, ftjjlf '■ ■

..

?

d ?*"-

flNA!

#01 C:
RI0P«

•—a ■

'lOrt.K

.—iso

— 3

ftKIlf!. V'

—a .

liSaw “•

"-=4 .

+3 '

■at Mia-

. — 3-

>ggj tunic

;-s. • •

p l,r

SCftare-

—5

•45 1 '

-.^1

■—8 •’
-114

»•

-s
—I ■

, +9 .

HIGF

— 3~*
-H '

'

Zjj'“

-3 .

aLSta

-9

rad Int.

+5"

-3

rtOrd

—2

+9

'SNHine:

EC

&

tat is

-v

EQUITIES

’ K ’faii a **

■■ • ; <■

A«miDt Dealing: Dates
- Option . . .

♦First ’Sedan- Last Account
Dealings.- tlons Dealings Day
June 21 July 1 July. 2. July 12
July S July 15 July 16 July 26
July IS July 29 July 30 Aug 9

* "Now tin* " dealing may taka
piece from 9 am two -bustneu days
earffa*

TOe-omzHgbi anmnmcement

Of &e' suspension of the national
rail strike gave London;. stock
ijnarKets ' a nmc&needed' fillip
yesterday without generating 5
any - noticeable expansion in
tnue.j'Tbe' recent extremely low
tfftu-me of business has been a
major cause for concern in all
main investment' sectors. Yes-
terday 4 ^ . announcement shortly
after midday that the - London
underground strike had also
been called off reinforced the
better market tone.'

Leading shares 'were quickly
off the mark, showing rises to
several pence at the opening.
Institutional Inquiry revived, as
did -interest from smaller in-
vestors, and dealers became
hopeful that increased business
would ensue. Ihe hopes proved
’to be misplaced, however, and
vaflues'began to drift away from
the day's best -until the London
underground decision led to a
resumption of the firmer trend.

The prospect of further dis-
ruption on the railways next
week on British' Rail’s intention
to 'Introduce- flexible rostering
for ASLEF drivers made little
impression od sentiment. The
late tone was also helped by
early firmness on Wall Street
yesterday, despite the U.S.
Federal Reserve -Board's move

strike’s suspensions give much-needed fillip
mt generating noticeable expansion in trade

to. tighten its monetary policy;
leading shares in London were
consolidating their gains' arter
the official, 3.30 pm, close..

'Electricals became fashionable
again with GEC rising 20 to a
peak 965p ahead of tomorrow's
preliminary statement Plcssey
and RacaJ Electronics also
recorded double-figure gains.
Measuring the trend of the
Raders, a 10 am sain of 9.3 in
the FT Industrial Ordinary share
tndex was reduced to 5.8 ah
hour later 'before a dose of 7.8
uj> on the day at 552.0. The only
significant fall in the index con-
stituent was a loss of 8 to 290p
in British Petroleum on the re-
duction of the group's stake in
Prudfooe Bay output

■ .Gilt-edged -securities also
made a positive response to the
rail news. Business began with
quite a flurry and when it began
to fade the appearance of size-
able buyers supported- the tone.
Tbe longs were particularly im-
pressive and closed 'only frac-
tionally below the' day’s best
■with gains extending to J. Short-
dated stocks were seldom more
than • J "better, apart from
Exchequer . 113 per cent 1988,
which rose 3 to 95 1. In sympathy
with the main funds, the latest
“bulldog” issue. New Zealand
141 per cent 1987. recovered 8
24?', 'in £2&paid forth.

Gearing banks better

Overall business in the major
clearing banks remained' thin,
but most staged a useful rally
on the appearance of small
buyers. Barclays, 378p, and
Lloyds, 380p, both ' gained S,

FINANCIAL TIMES STOCK INDICES

A'AN ;a u

June !
’ 29 i

June June June June i June ! rear
ZB I 29 ! 24 j 23 j 82 I ago

- '* •?

Government Secs. 68.94| 68.601 68.64- 69.07 68.75.' 68 . 99 ! 66.04

' Flxttflnterest..., ; 69.49j 69.311 69.35; 69.58 69.50- 69.62; 67.77

llndiutrlal Orti— 552.ol 544J3; 549.1] 554.2 - 555.9< 555.8 644.8

Gold Minas | 198.5] 197.4; IBl.lj 190.4 ; 1B2.7; lBl.'aj 266.7

Ord.DlV. Yield. ’ 5.60 5,68j 6.65 5.60| 5.5B 1 6.621 6.88

Earnings, YM.%(full>! 11.6T 11.85 11.76 11.66, 11.65j 11.71' 11.67

P/E Ratio (net) (•).....[ 10.41, lOJBfl! 10.33 10.42] ■ 10 . 44 ] 10.58' 10.69

-Total 'bargaihs-— .... 1 19.323.' 12,30s| 12.52SI 13,001, 13,568> 14,125! 18,839

Equity tiimover£m.| — | 69^8 81 JSl! 110 Jil l 13.92- 130.08 ; i 16.45

Equity jaargalne....... i — I 8,610 8,960' 10,2Ba^lO,5721 11,685: 17,652

• . . ; to am 5525. 11 am 500.0. Noon 550.8. 1 pm 552.4.,

2 pm 552.4. 3 pm 552.2.

Baalfl IDO Govt. Sacs. 16/10/26. Fixed Ini. T92S. Industrial Ord.
1/7/26. Gold. Mines 12/9/56. SE Activity 1974.

Utost Index 81-246 8026. : V !%

f Nil “9.66.

- - : • — * '•

•- ••• * Lit. r '

‘ . 't.
L- •

.Earnings, YM.£(full), 11.67
P/E Ratto (net) (•)..... j 10.41,

'Totalbargains > 12.323:

.Equity turnover £m.l — |

Equltyj»rgaJns...._.i — I

HIGHS AND LOWS

S.C. ACTIVITY

iSinceOompiiat’n

Govt. Secs.. J 70.40

| (7/6/

iFbcad'lnt...... 70.57

| (14|«)

Ind. Orid J 594.0

' | (8/Bj

Gold Mines..; 302.0
. : (S/lj

“ I --Dally | • I .

6139 I 127.4 ,-49.18 j lal {*4 =

! {97l/65» -(5/1/76) W1, *[

62.78 i 160.4 50.53 I Bargalrw.^i fifi.8| 58.0

(?/l» (MM 1/471 (Sil/75) • Value : 140,0; 164.4

518.1 697.3 i 49.4

(5/1) jlM/4/61) (28/8/401 137 .8 ! 13 g. B

181.2 ■ 558.9 1 . 43.6 'Equities !

(22/6) ,(22/6/60) (26/10/71)' Bargain*..^ $4.8 87.6 '

' ' Value : B04.ll 817.8

■while NatWest rose 10 to 420p.

Composite Insurances made
steady - progress. Son Alliance
closing 10 better at 744p and
Eagle Star 4 up at 327p.

. Leading Buildings, -in the dol-
drums recently, took a distinct
turn for the better on the reap-
pearance of buyers. Blue Circle
finned 7 to 442p and BMC 3 to
:341p, while Bedland hardened
.4- to 174p. Tarmac also added 4,
to 280p, while Barra tt Develop-
ments. a weak market recently
on adverse Press comment and
the less optimistic outlook for
interest rates, rallied 9 to 267p.
BPB put on 12 to 426p awaiting
today's preliminary results. Else-
where, P. C. Henderson met sup-
port and gained 7 to 175p, but
.Marshalls ' (Halifax) shed 5 to
I05p on second thoughts about
the annual results. After the
■previous day’s fall of 5 on the
denial of bid intentions by
Espley-Tyas, William Leech
attracted fresh speculative buy-
ing and picked-up 4 to 52p. Cake-
bread Robey A lost 1} to 37*p;
discussions are in progress
which may lead to 1 the acquisi-
tion of "Ridleys Coal and Iron, a
private company based in East
Anglia. Wiggins abed 4 to 88p
on disappointment with the'
annual results.

A warning by the company
that It may be forced to shut its
entire petrochemicals complex at
Wilton made no apparent impact
on ICI -which closed 2 dearer on
balance at 310p, after 312p.

Marked hi£ier at the outset,
leading Stores failed to attract,
follow-through support although
most retained small gains.
Gussies A closed 5 better at
4S5p. ; while Boots - put on 4' to .
208p. Movements of.- note in
secondary -counters' were few
and far between. Polly Peck en- .
countered sporadic profit-taking
in the wake of last week's
interim statement and eased a
few pence to 342p, while
jewellers EL Samuel gave u-p a
couple <xf pence to 94p.

GEC advance .

Leading Electricals took on a
distinctly better appearance
with GEC advancing 20p to a
high of 965p ahead of tomorrow’s
preliminary results. Ratal, 450p,

FT-ACTUARIES SHARE INDICES

These Indices are the joint compfet tog of the Financial Times, the Institute of Achates

and the Facnlb of Actuaries

and Plessey, 470p, rose 5 apiece,
■while Ferranti closed 18 up at
743p. Secondary -issues also
recorded some useful gains,
Cable and Wireless rising to 10
293p and Uni tech a like amount
to 265p. Electrocomponenis
advanced 7 to 172p on the in-
creased .dividend and profits.
Rises of 8 were marked against
United Scientific, 3G5p, Euro-
therm, 388p, and Bowthorpe,
265p.

Leading Engineers held
around higher opening levels.
Hawker closed 6 up at 326p and
GJDV mse 5 to 14flp, while
Vickers edged up 3 to 133p. Occa-
sional movements elsewhere in-
cluded .NEI, 3 higher at 92p. on
revived demand and Matthew
Hall 4 to the good - at ; 189p.
Edbro. In contrast lost 5 to 97p.
while Renold eased 2 to 37p and
Christy Bros a similar amount
to 27p. Tecalemit eased a shade
to 26p following the preliminary
figures. ...

Revived support was forth-
coming for selected Food
Retailers, Associated Dairies
rising 4 to 13Sp and J. Sainshury
10 to 625p, the latter in front
of today's annual meeting. Teseo
' improved • 2 to . 63p, while
Bishop’s 1 Group put on 5 to a
1982 peak of 128p. Hillards,, a
thin market, gained 8 to 158p.
Elsewhere, British Sugar rose 10
to 475p; S. and W. Berisford
Will be free' to renew' its bid
for the .company from Friday.
Glass Glpver touched a 1982-
peak of 164p before closing a
net 7 up at 161p following the
increased interim profits and.
dividend^

Johnson Group jump

Johnson Group featured with
a jump to 285p before steadily
falling back to dose 45 up on
the day at 263p, following the.
bid from Sunlight ; the latter
reheted 6 to 91p. Wo. Press, up
4 at 55p, reflected the announce-
ment that .Fairdough had
acquired a 14.58 per cent equity
sharebqlding in the company. Re-
vived speculative demand lifted
Inter-City 6 to 49p, while WGI
dosed a like amount dearer at
112p on the property sale plan.
J. BIbby rose 15 to 260p. but De
La Bne continued a poor market

NEW HIGHS AND
LOWS FOR 1982

The roHowfna q u otation* In the Stars
Infonnatton Ssmlte vesterdsy etf tew l new
HlnlB and tows lor 1MZ.

NEW HIGHS (20) '

- BRITISH FUNDS M>

Treat 3 pc 1935 Trees.- 3 pc 1987

Trees. SBC 19B6 • Tree*. 5 pc "BS-B9

LOANS (II
Met. Wafer Spc B

AMERICANS (T>

Brunswick Core. Shell orr

ELECTRICALS (3>

Cable A Wireless Ratal Elect.

GEC

ENGINEERING CU

Westland

FOODS (31

Bishops Go- A N-V Glass Glover

INDUSTRIALS (5)

Baxter Tcflvenoi Kennedy Smale

Burndene United GM Inds.

Johnson C loaners

PAPERS CM - •

Bonuose . '

TOBACCOS Cl) -
Imperial Group

'new' LOWS (61)

- - AMERICANS ID

Bethlehem Steel Norton Simon

Off kw.

CANADIANS CM

Brascan Hudson’s Bey

UT ^“ n BANKS (1)

Hill Samuel

BUILDINGS (5)

Candor Inti. ' Ufertre Cortv

Finlea U l Ralno Inds.

lbstock Johnson

STORES (SI

Bakers Stores Lowland Drapery

Forfnlitter Samoel tHJ

Kean A Scott

. ELECTRICALS (3)

Ernes* Light! no United Electronic

ENGINEERING (4)

Brooke Tool RencM

RHP •- Teatemtt

FOODS (1)

Cliffords Dairies ' - -

. INDUSTRIALS (71
De La Rue . Sanger*

Granada A. • Sunlight SmkH

Morgan Crucible - Trident Computer
Radiant Metal

LEISURE (1)

GRA -Group

MOTORS (21

Bluemel Bros. Woodhrad CJJ

. , PROPERTY (IS)

Amalu'd Props. McKay Secs.

Aw* Props. Mowttlelflh

Chesterfield Pennine- Comm.

Churshburv Eats. sandartl Sea.

Cre« tot See*. Tl«m» In*, ft Sec.
Kent (M. P.i Do- I2pc Cnv. Pf.

Lond. Pro*l. Shoo Un ited Re al Prep.

ReflKten ' s ^^cnUsm

N/CWBB Penteo*.^ {6)

F. a c Eurotrust North Atlantic Secs.
Murray North. B Scot, ft Merc. A ..
N. Thrug. N. Wt*. Stewart EnL Iny.
OILS (1)

n T* W BUl.ERS HI

M1UW ” N

M«*«, M1NEJ

ZatnWa Copper

OPTIONS

First Last Last For
Deal- ' -Deal- Declare- Settle-
: iirgs , iflgs ... tlon. . meat

’June 28 July ft SeptSO Octil
July 12 Jnly 23 Oet U Oct 25
July 26 = .Aug 6 Oct 28 Nov S
F or rate indications sea end of .
’ ■ Share Information Servibe
Demand for Options remained
at an exceptionally low level
Calls were arranged in Trafal-
gar House,, i Celtic Haven*
Lonrbo, UDS,. GKN, RaeaL
Tomer, and. J^bwall. and. Euro-
pean Ferries. No puts or
doubles were reported. . .

and eased 5 further to 465p.
Comment on the preliminary
figures .left Noreros If higher at
106|p, while Kennedy Smale im-
proved 4 more to 156p. on the
merger talks with Charles Hill.
Dealings in Grimshawe Holdings
were temporarily suspended at
17 at the company’s request pend-
ing an announcement. Among
leading miscellaneous industrials,
Glaxo rose 7 - to 700p and
Beeeham 6 to 282p, while Bo-
water edged up 3 to 200p.

■ ■ Trident TV, a rising market
recently, dipped to 68p on dis-
appointment with t^e interim
results before picking up to close
just 2 cheaper on balance at 71p.
After Monday's speculative jump
of 25, Pleasorama softened a
couple of pence to 22Sp. Travel
concerns staged a modest rally
after recent dullness, on reports
of falling holiday bookings; Hori-
zon hardened a couple of pence
to I87p and Saga 4 to 130p. •

BL main dealers Henlys, which
lost 8 on Monday, following
acutely disappointing first-half
results, attracted scattered cheap
buyers and rallied 3 to 83p. Other
Motor Distributors held close to
the ovenii^it levels in a sub-
dued trade. Elsewhere, York
Trailer, held at 15p following the
expected, - announcement of the
passing of the Preference divi-
dend. .

Churthbury Estates closed 10
down at fi55p, after 550p, follow-
ing the annual results and asset
revaluation. Among other Pro-
perties, Trust Securities softened
a penny to 76p with the Deferred
2 cheaper at 73p after Press com-
ment on the proposed Stockley
Park project in Hillingdon.
Occasional offerings clipped 5
from United Real, 380p, and..
Chesterfield, 305p, while Hasle-
mere Estates and Stock Conver-
sion lost a couple of pence apiece
to 346p and 295p respectively.
Thames Investments reacted 3
to 96p with the 12 per cent Con-
vertible the same amount down
at 92p. By contrast. Greycoat
Estates attracted support andimt
on 4 to 126p, while Iblnerney,
a thin market, added 2 to 2Bp.

BP on offer

British Petroleum, down 8 at
*290p, were unsettled by the news
that Sohio's Pciidoe Bay ofl field
stake will be reduced by just
over 2$ per cent' cent following
rede termination of participating
interests; Sohlo Is 53 per cent
owned by BP. Sentiment in
other Oil shares was not helped
by the ^announcement, while a
reduction in the spot Rotterdam
crude oil price also dampened
enthusiasm. Losses, however,
were usually modest. Shell react-
ing 4 to 382p and Ultramar 3 to
385p.

Shippings again • featured
Reardon Smith A,' which gave up
7 for a two-day fall of 12 to 63p;
the annual results are expected
during August

Major Textiles closed a shade
firmer for choice. Coortanlds
stood out with'a gain of 3 to 73p,
while similar -rises were recorded
in Nottingham Manufacturing, '
174p, and Dawson International.
127p. In contrast, Hicking Pente-
cost continued to react to dis-

appointing trading news last
week and. eared 3 for a two-day
drop of 7 to 63p.

Proceedings in Tobaccos were
dominated -by Bats, which
declined 11 to 430p following
litigation after the Federal Trade
Commission's objection' to the
group's US. Barclay brand. Imps
attracted renewed institutional
support awaiting the interim
results, expected shortly, and
closed 4 to the good at 105p.

Higher precious metal prices
prompted a. firmer time' among
South African industrials. OK
Bazaars were outstanding for a
- gain of. 35 to 625p, while Aber-
com rose 6 to 103p and Barlow
Band hardened 3 to 293p.

RTZ advance •

-Another strong performance
by -copper prices on the London
Metal Exchange, where the three
m paths quotation has now risen
around £100 over the. rpast six
trading days, prompted heavy
and widespread buying of Rio
Tinto-Zlnc, wbicb advanced .13
more to 368p, after 373p.

Other UK issues made more
sedate progress with Gold Fields
finally 5 firmer at 332p, reflect-
ing the late strength of the bul-
lion price which fluctuated be-
tween $307 and $3X4 prior to
closing a net $7.25 higher at $311
an ounce.

South African Golds remained
a . nervous market, however.
Initially a shade firmer , on the
opening gold price which en-
couraged light support from
Johannesburg, the sharemarket
turned easier around mid-day
before edging higher In the after-
hours' trade.

Closing quotations were mar-
ginally up on the day and' the
Gold Mines index responded with
a gain of 0.9, extending the rise
over the past five trading days
to 17.1 at 198.3.

Heavyweights were rarely
more than i firmer and in same
cases showed minor - losses on
the day although the medium-
and lower-priced issues provided
features in East Rand Proprietary
and Welkom, up 12 apiece at the
common price of 289p, and Ven-
texspost, 13 firmer At 232p.

The leading South African
Financials made good progress,
notably Johnnies. £1| stronger at
£224 end Gold Fields qf South
Africa, a point higher at £20£.
De Beers added more to 191p.

Australians got off to a bright
start but slipped back , through-
out the day owing to Jack of in-
terest BUM Holdings were a
feature and rose 8 to 165p,
boosted by the strength of copper.

Strong demand for Imperial
Group positions boosted interest
in Traded Options in which 1,794
deals were done, the highest total
for over three weeks.- Imperial,
due to reveal interim figures in
the near future, attracted 644
calls, with 451 struck - in the
August-lOO’s. A useful call busi-
ness also developed in Lonrbo,
with 222 trades, and RTZ, with
106. Puts totalled 474, with most
of the attention directed towards
oil issues; British Petroleum and
Shell Transport recorded 122 and
116 puts respectively.

FIXED INTEREST STOCKS

"RIGHTS” OFFERS

Rsnundnfan dan. usually last day far dealing froa of stamp duty, b Rguna
based on prospactua estimate, d Dividend rate paid or payable on part eff
capital: cover based on dividend on full capital, g Assumed dividend and yield,
r . Indicated dividend: cover Delates to previous dividend. P/E ratio baaed on latest
annual earnings, u Forecast dividend: cover based on previous year’s earnings.
F Dividend and yield based on prospectus or other official estimates for 1982.
Q Gross. T.ngurss Assumed. • figures or report awaited. 4 Cover atlowa for
conversion of shares not now ranking for dividend or ranking only for r es tricted
dividends. S Placing price, p Pence tin less otherwise indicated. 4 Issued by
tender. B Offered to holders of ordinary shares as a "rights.** ••Issued by way of
capitalisation. SS Reintroduced. 41 Issued in connection with reorganisation,
merger or take-over. || Introduction. Q Issued to former preference b eiders.
■ Allotment letters (or (idiy-peid). • Provisional or partly-paid aQotreent letters*
★ With warrants. . ft Peelings under special Rule. * Unlisted Securitise
Market, ft London Listing, t Effective issue price after scrip, t Formerly
dealt In under Rule .163(2) (a), tt Unit comprising five ordinary and three
Cap. shares; A Issued free as an entitlement to ordinary holders.

ACTIVE STOCKS

Above average activity was noted
Closing

Slock .-

Associated Dairies

Barratt Devs

British Aerospace....!.

BP

Church bury Estaies?...
Electro com portents ...

price Day's
pe/tca change

in the following stocks yesterday
Closing ‘i
price Day’s
Stock pencB change

Glass Glover - 161 + 7

Grand Mat 225 -J- 4 .

Inter-City 49 +6'

Johnson Group 263 4-45'

RTZ 368 4-13

W.G.1 112 + 6;

MONDAY’S ACTIVE STOCKS

Based on -bargains recorded in S.E. Official List

Stock

GEC

GUS “A”

BAT Inds

Imperial Group
Midland Bank...
Cable Wireless
De La Rue ...

Monday's
No. of closin']
price price Day’s
changes pence change

Stock

Glaxo

Plessey

RTZ

Unilover

Bo water

Da Baers Did...
Shell Trans. ...

Monday’i
No. of closing
price price
changes pence

Day 1 ^
changv

RISES AND FALLS YESTERDAY

. Rises Fails Same

British Funds ... 82 — 9 Oils

Corpus. Dam. ft Plantations

Foreign Bonds 19 2 56 Mines

Industrials 258 133 862 Others

Financial & J

■ Prop* no 75 325 Totals

Rises Falla Same
17 24 6B

— 3 20

53 23 87

43 43 88

582 303 1,581

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■Nature of Buanass—

I I i I I M-l I

23

and Markets

CURRENCIES and MONEY

Dollar declines

THE POUND SPOT AND FORWARD

June 29

Day's

spread

E7qjq

One month

*4 Three
p-X. months -

The dollar weakened in thin
foreign exchange trading, as
operators took a very nervous
view oF the market The level of
business was also reduced, by
book squaring operations towards
the end of the half-year.. Im-
proved Japanese balance of pay-
ments figures tended to depress
the U.S. currency in the Far
East and this trend continued in
Europe following the decline of
Eurodollar interest rates.

Sterling rose slightly against
the dollar, but lost ground to
Continental currencies despite
the end nf the rail strikes.

DOLLAR — Trade -weighted
index (Bank of England) 12L3
against 121.8 on Nonday, and

106.7 six months ago. Three-
month Treasury bills 13.16 per
cent (11.12 per cent six months
ago). Annual inflation rate 6.7
per cent (6.6 per cent previous
month) — The dollar fell to
DM 2-4725 from DM 2.4885
against the Deutsche Mark; to

■ FFr 6.8450 from FFr 6.9010
against the French franc; to 1
SwFr 2.1090 from SwFr 2.1295 in
terms of the Swiss franc; and to
¥255-52 from Y258.35 against the
Japanese yen.

STERLING — Trade-weighted
Index 91.1 against 91-2 at noon.
'91.1 in the morning, 91.1 at the
previous close, and 90.5 six
months ago. Three-month inter-
bank 13* per cent (16 per cent
six months ago). Annual infla-
tion 9.5 per cent (9.4 per cent
previous month) — Sterling
opened at 91.7255 tn $1.7265, and
traded within a ranee of S1.7230
to $1.7310. before closing at
S1.7295 to SI .7205, a rise of 95
points on the day. The pound
fell to DM 4.2650 from
DM 42850; to FFr 11.84 frdra
FFr 11.8750; to Y442 from
Y444.50; and to SwFr 3.65 from
SwFr 3.6675.

DEUTSCHE MARK — EMS
member (weakest). Trade-
weighted index 125.0 against

124.7 on Monday, and 122.0 six
months ago. Three-month inter-
bank 9.50 per cent (10.50 per
cent six months ago). Annual
Inflation 5-3 per cent (5.0 per
cent previous month) — The
Deutsche Mark showed mixed

changes against other major cur-
rencies at the, Frankfurt fixin g,
rising against the dollar, and
■ Swiss franc, but losing ground to
sterling and the Japanese yen.
News of West Germany’s
DM 4.99hn trade surplus in May.
compared with. DM 3.43bn in
April had little impact and was
generally expected. The Bundes-
bank did not intervene when fhe
dollar fell to DM 2.4754 from
DM 2.4920 at the fixing. Sterling
rose to J5M 4J27S0 from
DM 4.2750. Within the EMS the
French franc improved to
DM 36.050 from DM 36.045 per
100 francs, and the Dutch guilder
to DM 90.44 from DU 90.42 per
100 guilders.

DUTCH GUILDER — EMS
member (second weakest).
Trade-weighted Index U5.7
against 115.6 on Monday, and
1142 six months ago. Three-
month interbank 9*fe per cent
(11 per cent six months ago).
Annual inflation 6.4 per cent (6.6
per cent previous month)— The
guilder declined against most of
its EMS partners at the Amster-
dam fixing but was firmer against
the U.S. dollar. The D-mark rose
to FJ 1.10595 from FI 1.10565; the
French franc to FI 39.88 from
FI 39.87 per 100 francs: and the
Irish punt to FI 3.8080 from
FI 3.8060. The dollar fell to
FI 2.7375 from FI 2.7555 but
sterling improved to FI 4.7350
from FT 4.7200.

JAPANESE YEN — Trade-
weighted index 132.4 against
131.4 on Monday, and 144.0 six
months ago. Three-month bills
7.28125 per cent (6.75 per cent
six months ago). Annual in-
flation 2L3 per cent (28 per cent
previous month)— -The _ yen
finished slightly firmer against
the dollar in very nervous Tokyo
trading. The U.S. currency
closed at Y25730, the lowest
level of the day, compared with
Y258-65 am Monday. It fell sud-
denly in late trading on reports
that the Bank of Japan is pre-
pared to use ail measures avail-
able to defend the yea but better
balance of payments figures are
not expected to give eny long-
term support to the Japanese
unit.

u.s.

Canada*

NatMnd.

Belgium

Denmark

Ireland

W. Gar.

Portugal

Spain

Italy

Norway

Franca

Sweden'

Japan

Austria

Swita.

1.7295-1 ,*J05
2^490-2.2480
4-7IV4J95
SI 40-81 A0
14.76-14.78
1J422-1J02
«4S-4£7
145.00-148.00
182.70-19&90
2402-2405
10.60-10.81
TWrlljftPi
10.58VTO.S81,
441VTOV
30.16-3021
3X44-3.654

Belgian rate is for Comrertibie
Six-month forward dollar 2.92

1J230-T.731Q

2X3154X500

4.71-4.74

81X0-81.60

14X8-14,80

1X413-1X433

4X5*r4X8

144.00-148X0

192.60-183.50

2400-2410

10.77VKL8S

11.83-11X7

10.57V10.60-

440445

30.06-30.3 •

3.64-3.67

0.40 -0.50c die
0.75-O.85C di»
.1 Vile pm
20-25c dis
VT 3 »of»dls "
0.72-0.620 dis
IVIpl pm
6S-27DC die
15S-185C die
14-17 lire db
1 Vftore die
2V4*o dfr-

2\-3 , iQre dis
2.23-2, OSy pm .
HVHSgro pm
2Vtopm

%

P-i.

-3.12 1X9-1 48dis
-4X7 2-42-2.524 is
3X1 dfcrtfc pm
-3X1 87-77 die
-0.71 5V7 db ■
-7.43 1.96-2.l3dfs
3J2 4-3V pm
—14.64 240-7758 re -
-10.58 455-SOOsfla
-7.74 48-52 dis
-2.57 die
-3.80 1OV13V0B
-3.19 64-7 dis-
5X1 6X2-5.14 pm
6.22 37**11, pm
7-40 84-64 pm '

franc. Financial franc 38.75-38.85
■2.87c dis.- 12-fnonth 4X0-5. 06c dis

THE DOLLAR SPOT AND FORWARD

June 29

UKt ■
Ireland!
Canada -
Nath/nd.
Belgium

Day's

spread

On* month

. Ctaaa

177230-1.7310 1 .7295-1 .7305 OAO-OXOc diT
1X890-1^020 T.4Q1 0-1,4020 0,53-0.4«c pm
1X940-1X020 7.2380-1 .3000 0.1&C.15cdto
2.7270-2. 74® 2.72702.7300 1.70-1 .60c pm

O7.0347.11>, 47.06-47X8 psr-3sdls

Danmark 8.5225-8X72S 8X225-8X275 2-14.cre pm
W. Gar. 2^850-2.4800 2.4720-2.0730 lX0-1.«5pf pm
Portugal 83X0-84.60 8MM4XS 30-130cdta
111X0-11145 711X0-111X0 6S-75cdis
1388V-1395 1386V1387V &V6 lire dU

% Three
P-». month.

P-a.

Spain

Italy

Norway

France

Swedan

Japan

Austria

jSwrtz.

■ : aanrurwi»! par-0.40ore die -0X8 pa^OJBJdre -0.13

KS£rH!£ °' 15c P"" 005 di * 0.09 OXO-1.30dis -0.81
O.IOore pm-0.10 die ■ — 1.00-1 .'40 pm 0,98
I W-IXSy pm, 8X8 5.73-5.63 pm 8.89
SK'S- 2 7 ^ r17,37 ^ UtoBtoo pm 8X4 3$V32\ pm 7X5

2.1 07S- 2.1276 2.1086-2.1096 2.02-1 -94c pm 11.27 -5.66-5.58 pm 10.66

t UK and Ireland are quotsd in U.S. curranfcy. Forward premiums and
discounts apply to. the U.S. dollar and net to tha individual currency.

CURRENCY MOVEMENTS CURRENCY RATES

■ June as

Bank of
England
Index

Morgan

Guaranty

Changes?

Stertins-

U^. dollar.

91a

-33.1

1215

+ 13J.

Canadian dollar....

84^

-22.1

Austrian schilling.

117J1

4-26,0

Belgian franc-,.....
Danish kronar.

asj

—1.1

82.0

— 14 J

Deutsche mark...

22SJ)

+ 48.8

Swiss franc....— . ...

144.4

- 4-85.5

Guilder

116.7

+ 22.6

French frano-

74^1

— 20JJ

Lira.

53.5

—58.7

Yen -

132.4

+26.3

Bmd on.tndi vm

igdd eta

WMlMI

Ml DMM

mc, mi.

Brora of frig lut p
m-wq.

■tot (bore

Sterling - 0.623867,0.552639

U.S. f- 12 ! 1.08860 -0.935513

Canadian 8.. 16.58. * [1.24178
Austria flch.i 61r.J8.9863 16.6594

Belgian F..„ * 14 >51X676 1 44.9163
Danish Kr..J 11 9.32005 18.16964

D mark. , 71*2.69472 12.36166

8 . 2.98004 >2.61027
91, 7.48140 ! 6X6291

19 1516.96

Si, 280.750

9 : 6X1809
8 1 NiA

Swedish Krj 10 6.67968 ! 5.86443

Swim Fr. — 51, 2X0936 ! 2.02569

Greek Dr'chJ 201, N/A ,66.6326

Guilder-

French Fr..^

Ura

Yen

Morwgn. Kr.
Spanish Pts,

1330.07

246X76

-6.96627

106.731

CS/SDR rare for June 28: 1.40867.

OTHER CURRENCIES

EMS EUROPEAN CURRENCY UNIT RATES

ECU

central

rates

Currency
■mounts
against ECU
June 28

% change
from
contra!

- rate

% change
adjusted for
divergence

Divergence
limit f.

Belgian Franc ...

40.9704 ■

4447163

-0.12

-0.22

+1.5501

Danish Krone ...

8.23400

8.16964

-0.78

-0.88

+1.6430

German D-Mark

2.33379

2-36155

+ 1.19

+ 1.09

*1.0888

French Franc ...

6.61387

6.55291

—0.92

-1.02

•4-1.3940

Dutch Guildar ...

2.57971

2.61027

+ 1.18

+1.06

*1.5004

Irish Punt

0 691011

0.685841

—0.75

—0415

*1.8691

Italian Lira

7350.27

1330.07

-1.50 •

-1.50 ■

±4.1369

Argent! no Paao...i2&.58a -26,823
‘ ""■3-1.6950

L8930.1J

Changes are lor ECU. therefore positive change denotes a
weak currency. Adlustment calculated by Financial Times.

AustraJIaDollar
Brazil Cruzeiro^. ^97.60X98X0
Finland Markka..] 8.246-8X09
Greek Drachma, j 120.7J3-121.56B
, 10X09-10X24
146X0*

KuwartOI nar(K D)J 0.4885^0.4975
Luxembourg FrJ 81.40X1X0
Malaysia Dollar,. 4.0730 >4.0860
New Zealand DlrJ2.5309-8.3343
Saudi Arab. Ri yal 5.fi 120-5:9220
Singapore DollaF3.7180X.7280
5th .African Randfi.9836-l.98S0
UJLE. Dirham.... 6X295-8X405

16X60-15,600
0.9810-0.9815]
172. 53-173.19]

Austria...;

Belgium

Denmark ......

4.75004.7620! Franoa
69.60-70.10 I Germany..

5X150-8X200] Italy

84.70*
0X880-0.8388
47.0647.08
2X610-2X660
1X505-1X625
3.4295-3.4305
3.1540-2.1590
1.14654.1475
13.6715-3.6736
* Selling rats.

Japan.,

Netherlands ....

Norway

Portugal .;

Spain

Sweden „

Switzerland . 1.
United States..
Yugoslavia...

29.96X0.26

88X9

14.72-14.88
11.81-11X1
4.361,4.291,
2545-2410
4 43 44 8
4.701,4.741s
10.77-10.87 .
142-157
18614-1961,
10.65-10.65
3.644iX.6SJ 4 '
1.72-1.74
92-1044,

EXCHANGE CROSS RATES

June 29

Buaund Sterling
BuX. Dollar

04-

80 outsell amark
Japanese Yen 1.000

French Franc 10
Swiss Fra nc

Dutch Guilder
Italian Ura 1,000

Pound St'rllngi

1

0.578

0X34

2X62

0X45

0X74

0X12

0.416

Canadian Dollar
Belgian Franc 100

0.446

1X28

U.S. Dollar

1.730

1.

0.406

5X14

1.461

0.474

0X66

0.720

0.770

2.124

Deutscborn’kJ Japanese Yen 1 French Francl Swiss Franc I Dutch Gulkf

4X65

2.465

1.

9.649

3.602

1.168

0.903

1.774

1.899

5.236

442X

255.5

103.6

1000.

573X

121.1

93.57

183X

196X

543.7

11X4

6.B44

2.776

86.79

10 .

3X44

2.606

4X36

5X70

14.64

3.650

3.110

4.724

2.750

0X96

8X58

3.083

L

1.108

10.69

3.690

1X94

0.773 1.

1.519 i 1X65

1.629

4.481

2.203

5.800

Itailan Ura Canada DoJIar.Selgfan Franc

2404.

1389.

363.5

6438.

203a

658.5

808X

iooa

1070.

2951.

2.247

1X99

0.327 '
5.083

1.897

0.61S

0.476

0.935

2.758

81.45

47.08

19.10

184.3

68.79

22X2

•17.24

33X9

36X6

100 .

FT LONDON INTERBANK FIXING (11.00 a.m. JUNE 29)

3 months UX. dollars

bid 166/1G offer 16 7ilB

6 months UX. dollars

bid 16 9t16

offer 1611119

The fixing rates am tha arithmetic means, rounded to the nearest one-
sbrteenth. of the bid and offered rate for SlOro quoted by the market to five
reference banks at 11 am each working day. The banks am National Westminster
Bank, Bank of Tokyo, Deutsche Bank, Banqua Nationals de Paris and Morgan
Guaranty Trust.

EURO-CURRENCY INTEREST RATES (Market closing Rates)

June 29

Sterling i

u.s.

Dollar

Canadian

Dollar

Dutch Swiss
Guilder ] Franc

D-marK

French

Franc

Italian

Ura

Balglan Franc |
Conv. Fin.

Yan

I Danish
Krone

Shortterm

7 day's notice... ;

Month

T rhae months

Six months

One Year...,

1259-124
125(12;,
12^-l3r*
134-15,*
13l*-l3U
13 1,-13 Js

. 141,-151?
1 15j,-155s
' 1SA-15K
I 16,V..16A
i 16k 161,

\ lb >8-164,

16-17
16-17
16*1 -16 7q

17!,.l73a

175»177 8

17Sr-171,

7 1, -76,
81, 83e
8K8^
9t, 9t*
91,-938
938-968

j 30-40
I 23 r 25 b
47,- 5
j 51,. 5S*
6>*-63n
! 66,Xl,

87 3 -9

87 S -g

87,-9

91,91,

9A-9*

151,-156,
ISU-l 53,
1538.157,

166«-17U

18 - 181 ,

181,19

181,-20
1913-2078
20 >3-21 1,

21f*-224

223,-227,

221,-2318

15-16 ; 15-151,

15-161, 1 15 >,- 154*
153,-161, , 15^-lSni
161,-171* 155,-157,

1612.171- 151j-153i
165*. 171* 1548-153*

7-7U
71,-738
7r<-7^
7 |x-7t*
7*7*
7.V-7 rg

910
10-11
14-1418
153e 156*
1658-17
171-.-177,

SDR tmkod depostt,: one month 13V13*r per ccntr three months 13^-14 per cent: six months 13V141, per cant:. one year IJUu-lPe -per cere.

ECU linked depcsits: one month IZ'a-12^ por cenfl ilMee-motnhs 12*a-13l per can,; six ntorehe 13V13 5 * per cent: one year 1SV13^ per core.

A«an S fclo^ing rates in Singapore): one month 1SV16 per ‘ccnl: throe months 16*1-16^ per cent: S'X moreln ISk-16% per cent; one year T6’i*.16»i» our cent.
Long-term Eurodollar two years lEhlfila per com: three years 1&-16V per cent: lour yearn 16-16U per cent: five yearn 16-16*. percent nominal dosing rat«. Stiort-
tean rates are cad lor U S: doHars, Canadian dollars and Japan aso yen: others two days' nowc.

The Inllowmg rates were quoted tor London dollar certificates ol deposit: one month 15^40-15-50 per cent; three month, 15.35-15X5 per cenc sm months
15.00-16.10 per ccnu one year 16 10-1 6. IS per cent.

MONEY MARKETS

EUROCURRENCIES

London rates slightly weaker Dollar rates

UK clearing bank base lending

rate 12} per cent (since June 8)

Interest rales were generally
easier in London yesterday,
reflecting a small downturn in
U.S. rales and a steadier per-
formance by sterling aaainst the
dollar. The three-month sterling
CDs slipped to 13) per cent to 13
per cent from 131 per cent to
13iV per cent and three-month
Treasury bills were quoted- at
12]^ per cent to 128 per cent
compared with 12£ per cent to
12is per cent In the interbank
market overnight loans opened at
12£ per cent to 12} per cent and
eased to 12 per cent before firm-
ing to 14 per cent in the after-
noon. Closing balances were
taken nearer 12 per cent how-
ever.

The Bank of England forecast
a shortage of £150m in the
money market with factors affect-
ing the market including bills
maturing in official hands and a
net take up of Treasury bills —
£220m and Exchequer transac-
tions — £30m. partly offset by a
fall in the note circulation of

£60m. The Bank gave assistance
of £113m in the morning, com-
prising purchases of eligible
bank bills ; £2m in band 1 (up
to 14 days) at 12| per cent. £57m
in band 2 (15 to 33 days) at
12i per cent. £20m in band 3
(34 to 63 days) at 12£ per cent
and E33m in band 4 (64 to 81
days) at 12 A per cent There
was no further help given in the
afternoon.

5) per cent from 71 per cent,
reflecting increased * liquidity
levels- The rate was last moved
on June 24 to 7* per cent from
6 per cent following the expiry
of some FI l.lbn of dollar swaps
and may be increased later this
week as the market faces tax
payments and payment on a
FI 1.3bn State loan.

easier

The West German Bundesbank
will not hold a Press conference
after tomorrow's meeting of the
central council, Ibe last one
before the summer break, and
the market is not expecting any
change in credit policies on key
lending rates. In the money
market call money was quoted at
9.00-9.10 per cent as funds were
sought to meet end of month
payments. However recent dis-
bursements have allowed bank?
to reduce Lombard borrowing
and this fell to DM 34bn on
Monday' from DM 5.3bn on
Friday.

In Amsterdam the official
Dutch call money rate was cut to

11 %

Three-Month
Euro D-Mark

Eurodollar rates retreateded
from Monday's levels yesterday
as end of month demand fell
away. However, there appeared
to be little sign of a sustained
downward move as long as U.S.
domestic rates remain at current
levels. Eurosterting rates were
also slightly easier but interest
rate differentials were still
narrower and this was reflected
in the forward market where lie
dollar showed a narrower dis-
count against sterling. Euro-
Swiss francs were mostly weaker
and premiums on the Swiss franc
rose in forward trading while
the l>maTk eased partly as a
reflection of its stronger
tendency in the spot market.

.Financial Times- Wednesday June

**v?r

FT UNIT TRUST INFORMATION

.01-236 IBS

-3X3
-4.40
3X1
-3X3
-1.71
-6.58
3.52
-13.95
-9X1
-8X2
-3X2
-4.14
r-2iflS
5X9
■ 4 58
-7.12

Abbey Unit Tst Mtrgrs. (a)

>3 SrPuftGhffdwm EC4P 4KC

sSfSfStdB* "HiHii

C«fU Growth -

-Aatefiean Growth.

AUTHORISED TRUSTS

fiidSfficW JteMMBW* Ut=

lFtat«wyS4,EC2AlfO

ts s****

Sterrrr-

Acc.UrHs

LONDON MONEY RATES

MONEY RATES

NEW YORK

Prirno reie

Fori funds (luneh-timo)
Treasury bills (13-wcefc)
Treasury tTITs (26-week)

GERMANY

Lombard

Ovof night rets —

One month

16*i

15-1SV

13.16

13X0

Throe rnanth3

5ix months

FRANCE

Intervention rate

Overnight rets

One month

TJiroo months

Six months -

JAPAN

Dir.tount ratn

Cull (unconditional l

Bill d'seoun: fthreo-month)...

9.00

9.05

9X0

9X0

9X5

JurieZB

1982

Sterling
Certificate
of deposit

Interbank

Local

Authority

deposits

Local Auth
negotiable
bonds

Finance

House

Deposits

; Dlscdunt ■

Company Matxet Treasury
Deposits Deposits Bills 4

Eligible

Bank

Sills#

Fine

Trade

Bills#

Overnight

_

12-14

1335- 123*

—

—

1235-1278

12-1215

—

—

2 days notice...

—

12-4-127*

—

—

—

■rere

—

—

—

7 days or.......;.

—

—

—

—

—

— *

—

—

7 days notice..

1255-1278

1275

—re

*—

1278-13

12 >a

—

e-ro

—

One month

1381-33*

15

13%-Wte

13

155s

1218

124J-18A

12ii

Two months....

13rfrl2ft

13*. 13*

13te'13is

Z51a

151.

1235

Z2<)-Z2h

My

}?!■

Throe months.

1313-15

13* 13(4

13*

13 Ie-154

15*

1318

1214

12^12te

12*

la Is

Six months

1318-1$

ISte-lSte

- 13 i a

13 Ig-ia** ‘

15 1«

—

ra

— ■

12S*. 1 2 f.

12 ta

Nine months,.

Win-13*

13I*.13k

18l| 13l s

: S3i<

—

eras

—

raw

Ona year...-.-.

13 Ir 13*

13 la-1314

13 U

15Ss-13i5

13 i*

—

—

—

—

—

Two yean.. —

—

iSsa

—

—

EtptePrM,

Crescent Untt Tjt Mngis. IflL (*>(*> L * C .UaR Tnist Management Ui.

A Urivflle Cm, E6rtartfl3 (Bl-22i34& The Slock E*daiw.ttfMfjiECM lHA 58&2B0O.

dirt

RothscHW Asset

fStt

Ugal A. Geimnl (Untt Tst, i wd Ul.
XHayWohJM.. C r iBfon d DZT721TZ38

St. SwUWn'4 Laoe. Lontten EC4.

Pvtmgten Virtt Tmrt »t|L, LW.

XRasrMghAL, finotweefi
_ iritybliv
DhyAct

Mien Harvey & Rest Untt Tst Mnfrj, tJarihstan, Totnn, Devon TflVi

45, CnrnWII. LMtfan EC3V3PB. 014236314. Total Pnf. Uoft TaJZM
— - 47J| +W1 22X7

15.25
15.5

15.25
15.1375
14.9375

5.5

7.4*625

7X8125

Local auUigntira and finance houses seven days’ notice, others seven days fixed. Lom-ierm load authority mortgage
rates, nominally tfiien years l3 T r mt cent; four years- 1* per cent: live ynara 1®* ncr cent. OBar.lc ht« rates >n tohiD
are buying rates lor prime paper. Buying rates *or tour-tnon* banfc bihs 12S-1Z 3 . per amt! tour momu uailn bills
13>* per rent.

AnpmvHTtue selling rate tor one month Trnaeury bills 12*z per cent: two month, 12’* per eent threo months
121* per cent. Approximate sotting rata For a no month bank bJts IS* per cent; two reantti, *2’, per cent end Three
months 12V-13*i* per conn one month trade WIj 13*» per sent; two montho 1 X“i* ocr ton;, three months 1. » per eeni
Finance Houses Base Rates (published by the Finance Houses Association) 14 o «r cere from June 1 13«*. London
and Scottish Clearing' Bank Rates lor isnd ng I2*i trar can:. London Clearing Bank Deposit Ratos Ire *i*mi ' 1, _ r ' ,;v ^ r ’
days* notice 9>- p.x cere. Treasury Bills: Avcraga rander rate, of rf<scout*t 12.2636 pre con:. CenJicaics ol Tax Dcoo^ii
(Scnos 5) 13 per amt from June 8. Deport, withdrawn lor cash KF, par ce«iL

AHRCUtTrvJt [72^

Ained Hamfara Ltd. (a)
Kartre Hie
Brentwood

5jj£*w} Fw*

Allied 1U-— -
RnL Inti. Fund.
■Cmrihiliroii

’0803852271
2331+021 .151

KatfechSU Asset Management .-

73to,Catehowel» t Ayjwtaiiy.^ J •.

KscreHonary Uirit Fpmf Managers
3&mhr» Bread Si, ECW1NU. 01-5384485

Dbc. Inc June 18 {2^1 287JML — | 4J4

Lao nine Administration LtfL
iSL Mary A*e,03AB8P. 01436124.

Leo DrJtrttWton- — [1J8.8 j

N.C.iqyResT«._J
NX.IMBD

-3.12 1.39-1 .49dls -3J3
4.27 1 JO-1.05 pm 324
-1.M 027-0.42db -121
7.23 4.95-0.85 pm 7.15
-0.38 1«5 dis -0.25
2.63 3.85-3.15 pm 1.59
7.16 4.41-4.38 pm 7.09
—11.41 70-370 dis -1046
-7.52 110-2Q0 dm -6.62
-4.85 17-181, dis -6.10

Dtntiop (I oft Triat MMngefs Ltd.

53.?jII Mali, Lotpofl, 5W1SJH. 01-930 Z12Z VfirtWng,

-JH.4I.1I Iftl

E. F. Winchester Fund MngL Ud. SffEtamJ
44, Btoorraburr Square, WC1A28A 014238893

■■ 'flf d U9

Lie yds ». Or*' Tst Mngre- Lid. (a). ■
0444459144

If- mm-t?

Rowan Unit Tftot Mn^W
Ob' 6ate

Aoerian Jure 24~~|

Equity & tarn Un. Tr. bL Ca) Or) Cc? ,
Amersham M v HfflhWwwit. 0*443337?

OKGwth.Tsc.Acc— |
UK6wth.Tg.loc._L
Hy*r Inc Tst, icc3
Higher Inc. To. hw-J
Gft/F*d.Ttt.T5LActi
filt3Fxd.lsLTu.lnc.
NthJUnertcaTsLAcc.1 .

High YtebJ Jooe
Meritojonc23

Fbed Int.

High bib
Royal Life Ftf. Mgint LW-

Bew Kill Pi»ct Urni»pJ.L69aiS ‘

BluinTi
ImiroaitoGd

mm*

« -Rntil Tst Can. Fit More- Ltd.- • v

48-50/ CannonSt* London 6C4M 6iP Qtg&ttWrer 4

■I

fWefity' International Management Ltd. .
tO, Abchurch L*e, Un4» EC4N 7AL. 2839911

UoytTs Ufa Unit Tst Mogrs. Ltd.

2, SL HvrfkKt, GG3A BBF. 014236114
EqvKyAcbrei.(2)^{2W9 30531 —4 1 3.9?

Affman<z)L r

Anderson Untt' Trust Maoagen Ltd.

W, London WaH. EC2R 7 DO 01-6381200

AndenanU.T._ |64.4 6931 1 3J3

AnsbactBT Unit M gat. Co. LhL
1, Kotfe SL, EC2V 7JA. 022368181

Local Authorities' Mutual Invest. Tst*
77, London WiO, EC2N1DB. . 01-3881815

sagw afei.' "

«hrts

Save & Prosper lW.

4, Great St. Fldcrq, London EC3P 3S*.- , r .. '

saftrassr-Was?^-

Icbr i O Onal Funds.

Narrower Fd.Mw 31 ’
■UreuttenmL Jwtahfe

AntfMBV Wffclse Untt Tst. Mmrt. Ltd. Hrisy WkC Energy -I

James Finlay Unit Trust: MngL Ltd.
10-14. West me Street. Glasgow. . 00.-204 1321

iBank

Special

■European

-June 2B rata

□rawing

I Currency

■ 1 %

Rights

i Units

Anttmoy Yfisler Unit Tst, MgurL Ltd.

19, WWegree SL, London, E17HP.

Wider Gwth Ftf. Inc^USJ

Po. AccUn. ZjSj

A r to u t bn ot Securities Ltd. (a)(c)

37, Queen SL London. EC4R1BY. - 01-2365281 FVamUngtoTT Untt Mgb Ltd. (m3

aa=d

(A. London WOK, EC2M 5NQ.

fAaamoblton)l

■North AmerVanl
Pivfeienee — .BB.

{Accunnrtalbin) _!

Smaller Come acte_
( Aficuninlailm )

Robert Fraser Trust MgL Ltd.
2BhAfcenurleSLVlU. ' CQ-4933Z11

Roht. Fraser lit TSl (66.7 7M|^ W»

Archway Unit Tst. Mgs. LtsL(aXc)

7JJ4-

Friends Prov. Trust Maiaters (a)(b)(c)
Pbtam End, Dorldng. ■ Ta 885055

Friends Pmv.Ud ts^ ft

ArirarlgK Management
Pareoiage Gdm. Manchester 061-8342332.
ArinrigMFd Arne 29- (100.4 106.91 -09| 439;

Barclays Unfeorw Ltd.(aKc}(g)

'Unicom Ho. 25^ Rosrford fid, E7. 01-5345544

Funds in Court* .
PubncTrsme, Hqreray.WCZ.

RestricUd to monks

Do.test.Acc..

Do-AusL Inc..

d£ e^ Tts Wj.

Do. Extra [ncane 31-0

Oo-FmaneiaJ ft4

Do. 500 lft.9

go. General.-, .-.(40

tilt & FnL Itt. lncJ46.7
Padfic Acc_(43.7

Do.Gtr.

D«. Glr. Pacific Inc... 03

DO. Growth Att. ... 723

Do. Income Trust U77

Do. Pri. A'ns. Til 543

Do. Rrcnvrrr 66 Q

DO-Tnetee Fonf 1665

Do-WldwideTu. 49.8

Btsl.ln.FdJIcc.

Do. Income.

GX Untt Managers lid

16, Flndwry Clrtan, EC2M 7DJ.
C-T.Cap. Income

6. « A. Trent (a) (g)
5 Rayleigh Raid, B rentwood
G.&A. |46J

McAnatty Fond M a i Mj tw it nt Ltd.

-Regis fee- KfeVfflniMS^EC4. 01-62349SZ

5001 +a4i 538 file* Fund Ac rC- “ --11073

(ozrpjzrm -g^S

.Baring B raifc er s A Cc. Ltd.
OBhhopsgue, EC2N4AE-

Bartmere Fund Managirs (aEg>
2Sl.MaryAse,EC3A88P
01-2838833 Dcalbn only: 01-623

Stratum Trust .[280-0

Do. Actum. 13893 .

Nnd sob. day Jwv 29 Or 12.1
Mshspsgatc Prwgressfve Mgmt. Ce.

' Sloth Exchange, London, ECZR H13. 01-506280

B'ost* Preg—jn 20.12763 30 LO) -5X| 3.1fl ...

Act Units -Arne 29. (M2 StS -O 3.10 CLKT rud

rgMe InL Jm 22 -.1324,9 . 3fO JT] iffi

Acorn- June22 B8G5 J XBO InweFimd — |

Beckman liil. C* • nrp3 TricA) _j ire. Agencies _ — ,

Next sub, dv Job & «JWr 13- ■Weekly deriligs.

Bridge Fund Managers (oKc) ' J&Ti o£)ir:
'RegbHsc.KingWIlIlaniSL.ECA. 01-6234951 Japan T™a

American Tnat,
AnstrallanTi
Brtttsii Tjt.fi
BrrtbhTsLlC
CeimwdJty s

Extra Income.

V* ^6rust

Glen Fundinc.

01-6236114 Mencap . Untt Trust Mngrs Ltd faifcKgl. p^Tbox

oford Rd, E7. OM345544

(47.9 5L4T-fljq 632

ISO St Vtnoent Si. Glasgow. *..■■■ .042-2482323
FyltyTmW Aerww. . pTTT jj -1M S| -a ll ^

Scffttbir Equitable Fmd MvL bbL ! f
28 SL Andrews 5q. EKnitegtr — • 'tOWSMUtt'
Income Onl»^_

Ac com. liofts-.'.

DeaBaotfay'

Scotttsb Widows’ Fond MeMgedtenf

01-600*555

Amer. Seat-

CapUalln
D*.Au4
HWtt-

B*

l^^reirenf Idc4.~|

21_,
Tines. IPHccs June

:::

■■2/2W4.

7^9 uSsmS^RrLTrret^i

SIMCO Money Funds
M,CamonStT«w,EC4!9&AE

ta-asMB

.356'

Britannia £p. of Unit Trusts Ltd. (aKcKg)
o^6»Ti47S&^' 602

Bovett (Jqtui)

77 London WWI, EC2
St ockbholden Jure 25.13643

On. Aceum. Unit [ZL4.9

St European Jure S. 159.0

Midland Bank Group
Ifritt Trust Managers Ud.
Cmirtw<iod_Hgug, Silver Street, Head.

TMd,S13RtL
01-5685620 SSST 0 ^

Tel: 0742 7964Z

i Oqwdt I

Stewart Untt Tst Maaagers Ltd.ftT '
45k ChariotteSqvEiUofaugtL . 031*2263271

Withdrawal Units 7(4 " i-J —

•Britt* Cflnirat — .. 202.0 Z&.M-lfl fi
ACOxn. linter. 24l8 259.g--Of-6,

iSL 1

Next deafltg JUy 9.

UK Spectafist Funds
Assets __rU4Q

Grietreson Management Co. Ltd.- ni-

59 Grestam Street EC2P 20$ 01-6064433

OpatroxHtiSiGen — 75
Wt AFxiL lm-"ZZ p3
H«b YWtfTZHH ^

l^sas±a«

Soian and PacWc. )(

DOrAcc

WOr ^tAm erUan-

Oveneas Growth.

Act

rtyr Exenqit*

Acer— s

■Prices at Jme 25. Not deafcog Ji4>

San Affiance Fund Management Lit,
Sd« AllUneeHst, Horetam.' • 040364141

fS l ?^T?isri|® 7 / ,3 5aja4-S

Fare Jr Fund.

Swiss Ufe Pen. Tst Man. Go. UdJa)(c)
9-12 Oreapsldf, Uxvioo, EC2V6AL.-.t(l4?»38n

Target TsL Mngni. Ltd. (a) (g)

HI <3L Grestem St, EJL2. WaKopc 02965941. .
2-S Commodity-, 156.9 -• " “

Commodity

Flo ra c w l

CoH & General .

I nv. Trust Shares _ .

Minerals

Prop Share* ,

fete—

Orenaai Fun**

AsrcrleaiiGiwth — 40.fi

Am. Smaller Cos (>2_0

Am.Soec.Slu. 39.4

Far East — ... 27.9

Hong Kg. Pierfmnce— »3

lnll.Gr.wHl S93

J»an Perf. Tst 1714

General Fates
Casual Acc
Comm. & lnd_

Drrrmuc

Guardian Royal Ea. Unit Mgr*. Ltd.

Royal Exchange, EC3P30N 01-62B80U

(sg)GoanMMITst — 1138.7 143JI+lJf 4.45

Minster Fund Managers Ltd.

Minster Hie., Arthur St, EC4R 98 H 01-623 3050

Henderson AdmtaWreHon (a) (b) it)

MLA Unit Trust Mngmnt Ltd.

OM Queen Street, SW1A9JG. - 01-222-8177
MIA Units 1103.6 108.71+02} 3.74

B&SeIS- »

Deaivu itf FrtWy.

Malaysia A .
rific Income

Susa sa gsa-p

Brown Shlpler A Co. Ltd. (a)(g)

3J3

_ _ Fund Inc.

Gold Fund Acc. 1

FWxUl..

Grh Capital

Glh hwome

Invest mem Trust

Special Situations.

American Eagle 1

U.S. Sort. JBjind Fd.„|

Paei , _

Pacific Re In*

Woridw we Capital
lncome,_.__^
Extra Income ..

Prelerence Shite,
Ewby ....

Prutesajpnal Jure^O.

r Ex. June

.Acc. June 3Q.pD53

Mutual Unit Trust. Managers

Trades Union Urdt' Trent Managerr-
B tS| 583 J!* 100., Wood Street, EX^ •- 01-628

a.sfflKs %r~m mills

m

1*,

Hariands H*. Haywards Hth, Sx. 0444458144.

Res.,

B.S. Units Jwie 29. -1281.4
8.5. Acornt. June 29. 410.4
Rramial M0.9

Growtn Aceom. [BO 4

Growth Income 563

Hign Incom* |4j

■ Irrsmr .

n=B

North American ,

Onem 124.7

Ii».:Lr:zS

h if 7 - asrtae.

=m

Nattanaf FruvMent Imr. Mggre. Ltd.
48.GrecoclwiiSL.EC3P3HH. CO -623 4200

NPI CMsUn. Ttt. — »4A ,741J-^06| 5.70

is m "

01-628 «m

7231 1 537

Transatlantic and Gen. Secs. (O (y
91-99; New London Rd:,CheRmfoid.

Barbican June 24.

:o (yt

024V51652

(Attain Use) ,

Cote m«) June 23__

JJO

WwWWWeMw H.f

Natfoml Westminster (a)
161. Cheaps*, EC2V6EU.

Bnrua Freris

Avstranao.. — .
ElltePHn..

Japan TnisL.
Partite Sm. C
North Awr..

Grow th lnw>

American Smaj|er__r

Japanese & Pac. Gl._
HwrtiAm-Gwih. Tst_;
POrtfWio In*. Fd

Buckmaster Managonent Co. Lid.

The Siocl C ichange. EC2P 2JT. 01-5882966
Buck'ham Ftf June 24PQ.B «.5te

*1 +03i

15012 nffiS 4 ®

blli 6 M9.

Acorm Untts June 24.,
Cup Fi. Jutw23„,
Accirii. Uniy June
Marboro Fi Jtme

_ . . Co's Fd. June 2$.
(Accura lrtv)Jw*a .

Canada Ufe Untt Trust Mngrs. Ltd.

24H91 su Potters Bar, Herts.

Da. Gen Aceum .

Do. Income D*SI

Do Inc- Accmn,

GJtl A Fxd. lot Trust J253
Capel ( James J MngL Ltd.

100. OM Broad St, EC2N 1BQ.

crawi-— — — n»7 133 .'

Narih ^nericis'. -.11111112 ,

Prices m Jure 16. Next fitllmg July

Can 1 , Setoff Unit Trust Mmagcn(s)

57163, Prinens SL, Manchester Obl-236 5685
C*-r.Srt*9 Can. Fd. -1*18 . «.5{+(L^ 2.44

Srnlr.Cos.tbI— _.|
European June 24

Japan June 24

“ h Anrer. June24.

,U GMal Techndtogy.
« Pacific Exempt Tst

m

ffiSSisica

yang Gwtfi June 29

(ssrewsts.

Vangd. Til June 23 _
Caecum. urets)_™_
WKknroor June 24

tss/esab

(Accwn. UMSL

-T 0 , 5

Hexagon Services Ltd.

« CL SL Helens, London EC3P3EP
Brew in I mi. Gr. loc._(49.5 522}

MEL Trust Managers Ltd. (a) fg>

MBtra Court, Doridns, Surrey. 0306 8877 66

konSt ES'iFit^SiJ 104$

7MrarHg rtncl-r^| S3 4^57

Tyndaff Managers Ud.(*)(b)(c>

saptfafia-ea?®-

Horihgate Untt Trust Managers Ltd. CcXy)
<37 Xr Mnorqaie. EC2R 6AQ _ 01-6064477

(Accmn. Urds:
Income

Jtoure. Uiws)
fAcoinTijreS)

Exempt.

HUI Samuel Untt Tst Mgrs.t <■>

45 Beech SL.EC2P2LX 01-62880X1

. Financial Trust 1.
fiyjAFrt.Inr.Ta..

ICfltF.l. Growth

HWYMdTst !

lm»ne Trvsfe™.

lrt?TVutt

PW-RnoureesW.

Carr, Sebaa me. Fd. Ji
CmrS<±reF»E« , n,(,'

si) wsstsm

Harwich Unian finimarr Cmm rv\ F *r _Ea5te m WJ

Norwich Unten tnsaranu Group (to - IteMoruntet 1&0

PX. Bo« A, Harwich, l»Rl3Nt 060322200 ' 6Sl5^i^i:R
Creuji Tst Fond ~_|5«A 52VN+2U 532 (Acnno. Units) JJfdT

Pori Trust Btena gen Ltd. CaKsXz) '£&}*!■ tea —

252.tiky*HoH»re,UlGlV7EB. . ni_nr*cnirar ScoL.ln-

tSSSB?" 1 -®* *

Poarl Inc^.

_ '“"tsW *

Iteura. Unis);

=5T

Bnriats

Wg Ldn.WallFln.Wt^ 1

«-19 (Actum. Units] "

^ « K Unft TrMlt Matagers Ltd. (a)
77 LnrtonWaii, EC2N 1DB. ,01-588 1B35 3 F,rt!rieir , j K. DM Jewry, EC2

P«Scan Untts Admin. Ltd. tgKx)

WO, WntenSt,«anriie«cr. 061-Z3656S5
PeMcuUnfe 1352.9 143JI +0.9J <86

Ldn. Wan Inti..

191.25

108.75

,2.97

Imr. Fund Mw 31 .,..1
Frtlm.5rcs.wir 31.1
ftp.Fnd.ftr.Har 31- 1
Charinco Charities N/R Futrift
15. Moonjale, Lmxton, EC2. - . 01-6384121

Income May2B 1 , 122A1 I 11207

Do. Acun. Uar28..( 2478b I -ZJ 1207

Charities Official Invest Fund#

77 London WalLECZNlDB. 01-5881B15

Irtowr 172,56 I J 7 M

Accwn. May 31 1 4JLM | .—J —

Chieftain Trent Managers Ltd (a) (g>

SfiRiresPfi

HKCamn.iGen.—

HX American Ta.
HU"

HK

HK Camm -

HK income TsL fl

HK Market Lead* rs
HK PrnaieTiu.-- .
WVnittfr WsTSL.P
HK rechrwtegyTst |i

Unit Trust MffBRlt. (a) fit)
210 48; Hart St, Henley « Thames

Growth 178.7

Income —

Woridw Ue Beco*ery.|46.5

liis ?!

5JS

049126868

11, New SUEC2M4TP.

Amr rlean (r| 176-1

Australian

Fjf Easlernl

Htqfa income ■ ■ :.V_ 33.9
LirtTnislU).- 37 J

01-2832632.

K.T

Basic Resourore Tst . 3W

Incur. Growth Ta. Z}Ji

Prri.&GiHTsL 19,4

Smaller CO’S Trvst ,.,.[27.(1
Oimdartan Fund Mmagenlg)

57.-83, Pnncess SI, Manchester. 061-2365665

Growth — RU 14-21*83 545

lmnTsnlonal__^*.i503 54jj -04] 123
High income J29.3 JLfcj +0.3 3084

Investment Bank of Intend (a)

Premier UTAd4.te,5 Rayfei^i Road, Hidton
BreiMwoW, Essex (0277)211459

m nsstM, * awn- 3a

Investment InteUlgence Ltd. (a) ' ProlfteinS'JllZZl

]/3 Wsnftlp St., EC2A2A0, 01-6286626 Prell«e»h.Am»r^,

t«ri- Finer. TjrtL W_170.7 752 1 Q2J

Ireri. I bc A G rowth -Pfi.l an ._j

ItwdL 5^1 CrfsF(C^S&4 I15.9d| -03 i60

Prsettal Invest. Co. Ltd. (yKc)

44, Bteomfbwy Sq ,WG1A2RA 01-6238893'

SSE"uB!2=ffli

Provlndal Lite Imr.

222. Brsttxnsst^ECZ
ftvWc Far Ean^_[« .

Prolific GfhCfqi [553

ldn. Wall Spec. SHs-I».9 _

_

Money Fui«l*_.^ _

. Un*«wh3— Cadi Drpnit I

TSf t)ntt Trusts (to tc^fy) ’>.v.
J® JS"" 4 H*.Andorer, Hants. 'S’lCTiPC.

Prolific Spec.

Technology.

Co. Ltd.

01-2476533
5Q«j .0 .«

57.4 +oJ
626 *0,5
43C *02

53^ 1°_ J

3 79
3.48

735

3A2

1.43

03W62MB.

T^BAmgnun
do tccbm...
1>B General
& 'dCCoqi
T5B Incurs

■

TSB.Racrfi

S«-tearn

TSB Scstln 1

■ShS' 1 "*-
TSB Sic to.

m

Key Fund Managers Ud. (aXg)
1/3, Worship SI, FCZA 24 g. OZ

SlWiSr 1

KreCxemot Fd._^

KcyExemot —
Key Income Fute.
Key Fixed Int.Fd.

Confederation Funds Mqt Ud. (a)

5ft Chancery Urf, WC2A 1HL 01-24Z OiBZ' K ESS S<sH —

Growth Fund [785 826| 1 450 ^

Craiamount Untt Tst. Mgrs. Ud.

Bouterobiiry. Lnwftm ECOR BAD- 01-748 4984

Klehnrart Benson Unit II iws

H>di income.

North American..

CoiKdian Earmpt*
CjMdian Tnra. ......

Mm Mnmt High lrt%
Prc**rrr

GiUTniU —

134 3

37.0

+0J

58.3

hU,

-as

n

434

4a?

:83

Vi 0

48*

-ai

B

5113

39.2

UlrefwM

*az

4QX

2ft FenrtuchSL, ECJ
K.R. Ur* Fd. UlC^.„.
K.B.UWtFd.Ac.-

K,B. Fd. Im-Tsts.M.-,

h-B.Fd.ln.TW.ACC-.,.

KB5niirGo'sFdliie

RR5rH - " ‘

i.Ctrs-FdAcc.^

KR HifiVhl Fd. Inc.

KEHigtlYhUtaU— .JWJ)

01-6286626.

-LH

PruA Portfaite Mngrs. Ltd. (1) (to (e)
Hriboro Ban, EC1H 2NH. Ol-Oi te?

assferdlSl 813^^

fa Quitter Management Ce. Ltd.

5.70 3W5 Grestupi Street EC2 01-6004177

todra«G«i.Fd.__n6B.e 1760) „„ 1

15-40 Quad ram Income GTS iwa j hSt

+0^ 500 Qua#»wireLFiMro_ll39A 1443 1 1 aS

QMdmKReco*ery_|llftl Hit]

Do. Actum..

Ulster Bl
Waring Sm.,
ftlLlhterGi

Unit Trust
?9«JH5e.Ki
Frterj Hse.Fi

itmiufi. ~

473f-HLfl :SJO

„ AMgmtUd. .

I WWirei St, EC4R 9 ft. 01-6Z34951 ■
.1548 . 5831^4-40 : ,

089222271

01-6238000 Reliance Unit Mgrs. Ltd.

3|M ..-.J 555 Rrtiance Hst. Tiabrutgc We to, Kt
SI-.J ?-55 Brifa-Jr Life [70.1 74a+G,m cj? -

m :h i

lS;5 ■ i Hni -?5 5.79

« sridoraeT-jUter-jS-i . . Ji| :g|

9AZ

•Prices June ZL tfexl *aL»3 Juaj X.

_. S MOTES

« pence unless otherwise Indicated and
u«e desronareft t with ra prefix refer to ILS. .
milars. Ywtm sTtfsbown in tutcatesa) Abw Joftf
«*W9 wreenaT. a Offered- -prices Jhdate JA
*■»!■«.- i T «ib’s price*, e WW tesad writer

STiL£“f' _ "

premium irsarailu plan£ . .

x , OtteW price tododes dll ««oa8»LV:

fe’.rv tJssss*::--

<«dsr awuatae totta-'. .. ^

pnCC*i ® T“W W ■y®

4 Today’s apnh^M
d UK law*, p. Periodic,
plans: * Shrtr prefab** ,

4 Yield
3

■ f.-.-T '

■u. n

'..i

_ '•« 'v'.-.,

.v?

! I

:'^X

. • 5

■ .-i _ r

■ ‘'"-S *

:

IT " 'V .

s~J

U . T* .
: -i>.

-•sc,.

; is-

Financial Times Wednesday. June 30 1982

■ * <r •

INSURANCES

29

Uber lift Atnmc Co. Ltd.
;OSLRaaftCbortfe® rtl .EC4P4DX. 015489211 H»

‘ ■ “T M3*|-= -SSWMfcl

w mj +L£ — •

ar=

+02 —

+02 _

INSURANCE & OVERSEAS MANAGE!* FUNDS ‘

Biamfflte Mmaaemwi tisittd . «n«t mod Han. (Jersey) at -

P.O. Box 73, SL HcflovJmn. <63473993 PAL Bfl* 1SM,SL iwen Jwey. OSMZMX. ■

GuTmiesy Mahon M^Fund (IS*nH*jrJ " ftfceson.fcng St to frying -kac :

PO Box 188, SL Peter Pert, Guernsey. 048123506.

life Anar. Co. of pmniMii M qnrt eh im»

~ SbSaJSSkm^g: imzzm

— LACOPIMB.

Crusader Insurance PLC
X^fj^38Trtaaj.5^EC3JMQJ JBB9m

issamwi i=iz

Essie Star tmtejuutmi Astir.
l,Tl»eadneedIeSt, Ed . 03-588 12K*

**«“■ UrtS—W * 7M| -Ell fi*

grtty ft Law Lift Ass. Soc. lid.
yVHney life Assurance Co. Ltd. w 5!^ I i 5A ii ^ Wm *" ““

DM37S%2 Hiflherl«.FmdZZ

Life Anuianue
St, G2A 4KX OLJ920 C0E

Mfe:

AMEV. life Assurance Ltd.

2-6, PHnceof Wales BA, B*month.

"

S££$pwCTi

HWiVfcWPHHLFd...

Ffejumd.

Barclays Life Assrrr. Co. Lid.

^g^sl _

252 Romford RtL, E7.

169.9

ifeazzz

LZ£3SBEg%

Man. PettkAccum. — .
Do. IrtWal

Money Pens. Acc—
Do. Initial

1743

m

1317

01 -5343544

17119 +051 —
175.9 +Ofc —
239.8 +0.8 —

ft» =

M5A —. — ■

183.7 +U —

BSJ2H =

pp da = ■

MSfl+OOl —

mho Qinmmt rmta \ Ui

EvAtyFm
Property/ .

Fixed lot. Fend „

n»TP*tF— *- ..p

Hocwfch Won Ufa tosanoee

EtSfoHMSSKi&L ®stamsg«te Cttmnodit* Sec.Xtf.
■ Son life ttdtAswweU* - -■ **

hAHMAC'Jui^ 7 — JS51 >17 m;
cguifr^ji^7Z^gim |j

Standard Lift Assurance Compa q
__ 3(tara^St»BM*»gliEHZ23GL 031-2257^71.

USS Price IS1B.96

£ Sterling Enalwlent 110.9
■ SJLft. Eoulwteni —.117.4 .

i um » .t« m. Kina deal on .

OullteifHeHttLd CnjmnoifltJw
3MSL fiiWfaSfltStttrt-, EC2V7LH. 01-6004177
tesJtt MJrt — l — -

^^ flnf itrfTi * lui r 1 ' * I " IW -—

Managed.

z eXH:

tnunutkmaf,.

Fixed I nuns
Index ‘

Cad.

Pension Mwyrf .,,

Prawn

Pension

PrmmlsL ,

PenwnFxd. Inc, —

I j Pension Index United

1 1 Pension Cash

PM rf Assurance (UpttFMs) ltd Sm Affianee ig .n, rn cf (hno

jnr40SM«L £im Affiance House, Honiara. OW364ML

3 Z* Mor.UnRsJBBBlSlS

T IMWR]-r>

"

fl«5

m

MAPSA-JNpsSla-P 1 *® 3C

Original isse «su as "*£L Next xaLJii(y&

. Bridge Waasaeinen t Ltd.

GPO Box 590, Hnog Kong

Prices a June.

Hamhro Pacific Fund Mgmt. LbL

2110, .Daonutfit Centre, Jioug Kong JBfi Investment Manatfers Limited .

ssfeasfeass" .^3 = ■ sss^ 6 '®'!!^

imi.f "

Harnbros Fd. Mgrs. (CJ3 Ltd,

P-0. B» S6,-Guerrsey. - OM15S521

Special Sits. Fund ..

Britan IrfL inrestmeot Ntogrt. Ltd- gMSTfiT*
HSeSrtWO?*” H S®i7^ s,reB - a -

II c nuta r

AnLSma&erCKFd
GUdFtnl*

sjs

j ass®!

Eqnltp & Law (Mamged Funis) ih.

n^WrMPbe. . _ 049433377

iS:^RffiS

InS.Pp.lodxLk.Sc^,
0202762122 J"4. Pen. Oi'erseas _

— Jess.

— PoLMmoefiL

Phoenix Assurance Co. ltd.

. St, 'WS-^^C0r6 36 9g7&

Pioneer Mutual Insurance Co. Ltd.
O^OtmerRl.BLWtarlog.l.’lpaoi 051-928 66S
PhneerMlL McL FtLJlZLO 12MJ 1 —

ind. Pen. BalanudIZ

ind. Pt*. Dtp. Admn.^, _

, Prices x Jt*E2fiHeictx B Hfc5SSS ,| iSL
Grasp Ponton frxrta- Piigg nrdWn Sfjfcna

Family Aisttrajice Sndrfr
66, East Street, Horsham. -

Bfegsadb

Family D. Fbed Int._

Plumed Savings Groan
'6a&tfSMf( r tfanfan

CK8BS025S

PKndum life As su rance Co. Ltd.
EoUKUr HSe, Haywards Hesdi*j0444 587ZL

North/

Bamlnco Managers Ltd.. . ' . . ... ' .

P.O. Bx. 3549, Hmftn. Bermuda. fB0529) 2-797?
RAMlhC0June7 J53J6- 5Jfl —

OS24239M

'mS8 12J

3236 -

lExthte uxiiai darge on ualf orders.

ATPInNAmFoncf_
GT Pin UK&G.E. Fnd
GTPtnWridwdf Fnl,
GT Pension Bnd Fnd_
GT Pm High Yld Fd _
GT Pen Far East Fd_
GTPrnN.Am.Fd__
&TPm UK46-E. Fd_
GT Pen Worldwide Fd-

Anwricao Tech Fi—
StfhfingSocFd

pi

mmsa

M

mi)

&

Irxt. good June 29,. jEBfl —

awas^

IFdtnL

PropertyJm

Sun Life of Canada (QfQ LbL
2J,A GoefaporSty SW1YJ5BH £0-8305400

SS»^tTO^_pl2?

MamgrdAooMt— W6A

£S

FbmfJoLFdAxun. 94Z
lod.Fd.Accun 96.4

Headersou Admin. & Man. (Gaerasey)

7 New SuSL Peter Poet, Guernuy 04U2654U2
American (U5rniK).(lDL5 1113

NtrL Rn. {OS, ttncmg MM . __

GUlFradt _ 9^ Z^ 3282

ISchnnuid.IJfe Ass. LbL
4 HR Street, Dooglas, LQJfl.

DolDto on d Pd . .1

■SlfaSaSEfcr -«a

UK Gilt Fond 1285 3MJ ■

5012 1§| 3BJ +0^ 31W

GoMBood IM5 196^+05 —

Henrfereoir Baring Gronp -

861. Gloucester TOwer, !!, Pedder 5t v Ho

— Australia-.

_ MebrSaif
rilcFdf.

WceWy deaangs.

J5o&.9

fftetlwML |gD7.

Brmm SWrfcy T^t. Co. (deoey) Ltd.

P.a-B« 583. St. Kefler. J«sey. 053474777

Sterling Bd. FM. (h}_|£9JI7 ' Urf+O/Bf ILH

S)«ttagCap.Fyj(a)_ I<L-M M AS _Z-J — n « ,.5^ ra ’ t, R “ 1

ESS3t3&—hj* m uW - f^j

HiD-Saimid &'Co. tGnenaqr) Ltd.

■B LeFebme" SL, S. Peter Port tojnjw. tL
GoenxseyTst—. .JZ04X 2M3»S +3 l« A5B

Hill Samuel lovssbdant HiaL InUL

PD. Box 63, Jersey. 1

-■ RofhscUfd Asset Mafoganent (CLLl

Kdwl P.O. Box SB, SLAAaB<XCwM^0481 : 2g7^.

” • g-g- ^p uiirxia yt R4-9,

ac.HonvK 9 .(S.tt3mU2' »Kl

KUO -M&C. Infamatiml Reams Llmlt sS
BeLFranedFinM 76168 irtaRan Lira __
Cundi30S_=J 32Jfe5 tStooajrareS-—

Dtttch GnfMfr^_

French J Franm-J 1SS4 JU-S^-i _| 21

“Prices tu Jobs ZL Nat dealog £hr 7=
... tPrices on Jme 2L Next deaEm Jw*

■maacag.

Pen. Pens. AcooonL.'
FaK »W * K te i .|

afidzd -

agsE"*-

_ Prop. Equity « Ufe Ass. Co^

42 Hormdsfitdt, Loadm EC3A 7AY
R. SBIc Prop. Bond _| 2464

C0-6ZIXI34 Man**

BrttntWa Managmsrt Co. Ltd.

P.O. Ba< 395, Hamilton, Bermwfe ' '

Son LHe Unit Assurance Ltd- - • |£«£gSl K^P ^ “HliS

lor.che-ride, LMtejrav 6Wi. 027M99534 ■ b&£Eccsf fSa!

po.09 — _

■Managed Fund_ |W1 3iUWf-0Dl) —

- Lanirn ihfcm * Hlta HU. tour. l*L --

329 KtaewV, Lmda^W2B 6l^^(&r404GS9S

016800G06

Black Horse Life Ass. Co. Ltd.

'71, Lombard St, EC3.
Blade Hone Man. Fd.'
Managed l». Fd..
Prarefty Fd.___
Fk»3 Interest Fd..

CashFd

Income Fd-. — —

Erinlncani Fd...

VtaridwideGroirthn-

Balonced

SoHr Co’s & Rm/d.

I rit. Technology Fd

NBtAaa/.&Gea FI.

fBU&Efcsc

01.6233288

~ LondM Momdtjr & GoL Ins. Co. Ltd

Asticoraztani GENERALI SjlA. *7*-***^

317, Fenduch SL, EC3M 50Y. (04880733 MjJCFKteZZlBQ -e«-33 —

JstL Managed BondL/1417 !#& ( „ HadS5S_J«3 —

General PortfoRn life Ins. C. Ltd. - Lotufan life UiOcmf Anar. Ltd. ' *
CrasifafMbSL.ClKShunt.Hem. WaKfanXSOTl 100, Termle SL, Bristoi, BS 16 EA. 027227709

RorthlloFdLAcc r ' * *“ “ “

Portfolio Fd. Imt i

Portfolio Fd. Cap.

Portfolio Man. AccZ

Portfolio Man. Ifrit™. __

Indexed 5th.

Growth & Sec. Ufe An. Soc. UtL fe5S , rA? B -
^ London FndtExthu»e,QL6EU 01^773 B2 ffiS'lScfel

^SfeLCj^E

G. AS. Super Fd 1 fflJMfn ZZ| —

^ BL

_ Propftty
= ■«

«4es|g85=2

A^Ntf.Fraxi— J
Abbey NaL Fd, (AJ—I

m

—

*

■ —

Irwestiwjit Fund (A)

Mraray Food (A)—

+17

ml

—

15V1

aMaaBy^.-

lnamed.Aon!ty — —
International Ftt—

3596

Xu

CAL In v estments (loM) Ud.

UM4,

CAL Metal - L_K3.5

Bflg«MCWfa =

Canada Life Assurance Co.

2-6, High SL, Potters Bar, Herts. P. Bar 53122

A4 -|=J =

ggrGftJmi-l

:Fed.May6.

Guardian Royal Exc h a a pe

Royal Exchange, E.CJ.

Guardian Assurance _

Property Bonds J29&2 SDR5] -~J «•

GHE Linked Assam; United

Canada Life Assurance Co of -G. Britain
Z-6 H Igh Sl Potters Bar, Herts. P. Bar 51122 Equity i nn,.n

Managed Pen Fund _QJS6 L428J „J — Do. Acorn. SOU

Properly Pen Fund jUMS 1 — Fart Int. fldtiZ — JW

MnLohd Pen Fund |L08B L246| J —

Do.Accum.__

Ciroton Assurance Lid. {^Accum^ 1

1 DJjnipicWfly, vreutofey H A9 ONE. 01-902 8S76 Prep*mylnitW

... - London <& Mulwitur Ep.

avxmm. WMdsdBRarit Exeter EX53DS-

Eqaity Units*

gSfe

Prtg.Bond/Exec_

EaUBd-fExec/UnlL—
UeoosItBond

£24.90
£16.41
.64 17^

-0031 —
.9^-004 —

£2*69
26B6

. 3 =

-OJ -

2nd Eg. PensJAcc__
Bid Pgi. Pens/Aa: i

ZadHgdlPeas/Acc-l
2nd Dfp. PenyAcc —
" IPens/Acc— L.

t Am. Peni/Au: ,

flntilearvPem/Acx

2nd Index Pecs. lAcc.
LAESJ.F

LfcESXF.2

ERE Pendant Mm nmt tM.
Pens. UaiOGHl WtW_ li&4 1X7.
Peiis.Ma*B9edAet_r
Pens. Equity initial _

•Pens. Equity Act.

Pens. FuLlm. Initial
Pens. Fixed Int. Act.

Pens. intT inRiau :

Pens, frit'll Ace. -

Pens. Prim. Initial

Pens. Prop. Acts

Pens. Dows. Initial
Peal. Depos. Act.

IIiimslHMRHH

truest. TjLRLAcc. 1
Property Fund Dmv_l

B3B7S7«d

Flexible FundtosU
Fixed liX.Fi Cap. ■■
Fixed taLFd.AS._J
GUL Deposit RL CB|L I
Gtd. Deoodt Fd. Acc-I

m*5 —

\B42. —

mm

Cmnm Swtfa. bmm

- Ssffi-S
—i - SSSSSEKrte -

j •— . ■AdilSatoplm Mny iwhuul wm

Pension Fd-llts

Conr.POB.RL ;

Cm.Pns.Can. UL_T

Man. PwrsjFd

Man. Pens. Cap. IM.J
Prop. Pens. FtL

BSSfSifc-

C3925Z155 g

— , GUIs Pens. Fd. Cap. _

*93 Qynfy Pens. FM

Equ&y Pens. Fd. Cap.

+oj 3

2fi =.

“10
-4s ^ms

-l3( -03
cl iagesaaRy.

Manned

Property Cap. JUGS

»fe

MSSTtapo

Cash Ate. ML2

International Cap 1301

IiuuualionalAcc. — 1W

American Cap. 105i

AnrricanAcc. m5

Par£dstmi&xj_ 1Z1.7

Faj&eaenrAcr.. — 1^2

Son Ufa Hendons Sbrtflenmit LU.
(funds tor WMdual penwxi codracB)
Pens. ManagertCapUlOSN
Pens. Managed Ac£jl57i>

Pens. Property Cap. J1I7.4
Pens. ^

^

Pens.F. Interest CNttUELS
Pens. F. interest Acc. 1107

Pens. Cash Cap. 117.6

Pans. Cash Acc 125.4

Pem.lixi4.CapL 1201

Pens.lnW.AaI 128 S

Pens. American Cap.. 9L7
Rem. American Act.. 986
Pens. Far Estm. Cap. 1BJ
F^ns. Far Estrn. Am. |l53J»

—I — Targe* Ufe Assurance Co. Ltd.

P.O. Box 73, SL Hefler^lecsev
Fired Interest Funds

b ettasrar

SL FiXHrt*«*IZ4
YenBomm.

Forts

<153473933

»o 062«25p3L HK Fund Managers (Jersey) Ud. *

“H • 'U® Cuems Hse, Don Hd, St Holier, Cl. 053471460 roB-rtgr Rmds
5. -J l*3£ “ - HKCat Fund LU— P7-0 UHUI 33J» CoromSfcn^-j^.

Cagdhex SLA. . _ __ __

P.O. Brt 178, 3ZH Grtwraia 010 4I224662B8 int, CanawdSfeja.gMj^

I.C. Trust Managers. Ltd.

30 St.GtorggsiSL, tkuigfas, loM*_ JX24250Z5 uos

aa‘

IGF Management Services Inc,

intend. Gold Fuad »45J2 47381 .

Capita! Asset Managers Ltd.

Bennudo Hse, SL Julians Are, SL Peter, .

Guernsey CJ. . 0431 auw - M

7beCorra«yTnat_j920 9731 I 104 Sy’-lfSTHK

sh> Regdrars, P.O. Bt»1044, Cayman f&> BWU SL

; Deposit FOnd

01-3483999

— 1,

•22

Providence Capitol Life Asst Co. Ltd.
"09 -

teP -1

^ 6ateto %^&5941

Cafntal International Fund SJL
43 Bodevard Royal, Luxembourg
Capital I oLFuri I 52333 U

Charterhouse Japhet
1 Paternoster Row, EC4
Emperor Find

HkjxmQ

. ^Prices at June 15. Next ab. day Jrfy

Charteriroose Japtiet Currency Mngt Ltd.
darnel Hse, SL Hefler, Jersey. 0534 74689

Central Assets Currency Fonda Ltd.

P.O. Box 526, Qelh, Hoflart
Esneraida(08erFee)| DF6662

International Bond Trust .

2, Boulevard Royal. Luxembourg

c<a» A- HAV June 29 1

Class B NAV Jme 29 1 59.92

4 *n 5 i Schro ‘ ,tr Sendee* (Jersey) Ud-

'taa±

LsdBo^xIoai&yJbh'

J. Henry Schroder Wagg & Co. lid:

120, Cheapside, EC2. 01-5884000.

An.ln-TsLJuoe24. ”

Aslan Fd. June 7 __

Cheapslde June 23_

Carl taqFd. June 29_

Japan rd. June 24—

Trafalgar Fd.toy2B

2725

AffiJS ~269

ZZ1

30 Uxbridge Road, W12 SPG. 03-7499311

Special MM Fd. W4.7

Proton Erpitty 213-6

Pension FhL Int 189.4

Esssafe

SaKSfesc

Jxd. In. Acc

IreLPem-IntnlAcc.

Managed Fd. Acc.

luLIteManJVAoc..;

JSKSSitfe

For oner Fovfs and £*** IMsr6g mr749911L

^ Fir'd

Man. Fund
Man.Fd.iid _

.... Jli*..
.->Fd.

Prap.Fd.

Prop. Fd. Ind.

PtoIl Fd. Inv_—
Fhed Im. Fd. Inc..
Fixed iin.Fd.Cap.__
Fixed lnt.Fd.Acc.__
Hxed InL Fd. '
Dep.Fd.lM:

— . Dep.Fd.Acc

Deg. Fd. tad.

— M&GGmg

3t{ z PravfndM Life Asswance Co. Ltd.

— Hambra Life Assurance PJ_C-

Amertcan Fnd Bond.;
American Rec Bond-

- Australasia Bood

QommodRy Bond
-Conrert Deposit Bond

EcpMyBaxKAaJ

. Ex&a Yield F<L Bond.

7 Old Park tone, London, W1Y3LL <OJ)99(XHL ?SsSf
Fixed lot-Dep JlAo- 1WJ0J 1— S£, NWdb^L^ :|

CieTent value Jme 24.

Capital Ufe Assurance
Conhton House, Chapel Adi WYmt,

.JSBafibsrl W

VD » «W6

irrj =

Cbkftaht Assurance Funds
11 New Street, EC2M4TP.

Pen. Eq. Cap
01-2833933 Pen.Eq.Aec,

Mugged Growth
Managed Incwue
fattnalfimaKij
High Incaae —
Jnamie& Growth — _
Batlc Bevavrcei

358.741-]^ —
80^-L9? —

S942-1- 33 —

983(8+0.79 —
89JM3+DA7 —
' -1168 —

-2M

FanB/ Bcndt ...

Far Eastern Bond — |
Git Bond

High YWdBq

trtrv-UnM

_ Inwnrttanal Bnrxk—
| Japan Find Bond ta
Managed Bond-J

I Properly Beal H

BoodJ

Pend

- Hu-, ( I .. , -m Pen. Prop, n— .
09023511 Pea. Prop. Acc
Pen. Man. Cap
Pen. Man. Acc

AmertmCCapJ

&p«y (Cap.)

Dc (AcajmJ HSH
fTxedltarewtfepJ.ra
Pol (AcaanJ . -MB

DoCAcdtaO

Z--

PPPFiwK&pJ
Do. (AccunJ.

patmcT&p.)

Harts of Oak Benefit Society *

129, Knvpway, London, WC28 6NF 01-404(0©

& aSazdr:

‘222,Bbhapa&«.ECZ

_ . Equity Fd. Inc_

U.K. Eqohy RLCm..

UK. Equity Fd. Ak3«7

In. Efadty FtLCapi.—

InL Equity Fit Acc _

Int. Eoity HL lid

Ret-PireiV

AC Pen 139-4]

, Pens. Are. 11406 ^

Unit and otter Price ring 01-247 6531

Prudential Pensions Limited
HoDxxn Ban, EC3N2NK.

EnityRL June Z3 )£37. S7

Intnl.Fa. June23- — (S.73
Freed lot Jbne23__faa«

Ret. Plan Cap. Pen_

Man. Pen. Fd. Acc—

Man. Pen. RL Cap. _■

GDI Pen. Fd. Acc

Gilt Pen RL Cap

Prop. Pen. FiLAa

Prop. Pen. FiLCap._

Cur. Pen. Fd- Acc-.. _

Guar. Pen. Fd. Cap.~|33B6
Irteac-L ftn. Ftt. Cu_)94 A
lixk»-L Pen Fd. Acc_|95J
Sterling Fund ___

IL5. DaAar Fund

Swiss Franc Fund.

Deutsche Marlt Fund,

Yen Fund—— _

01-4059222 Trajuintemational Life Ins.. Co. Ltd. .

55-57, High Krtmrc WCLV6DU. 01-8317481

- 1035

• i

tSImrtmi,

1030

riunf

nHbrlK

* 40J7

+0All

Sw Frants,

SOffs

257.95

+039!

Jardme Fleming & Co. Ltd.

Chawton Commorfities Ode of Man} Lid. ' nSr *' -

29, Athol Street. DougUL 1A.M. . 062421724 Do 1

Internationa! Padflc Iw. MgmL Ud.

P.a Box R237, 56, Pitt SL, Sydney, Autt.-
JoueRn Eguity-TsL— JA$3J4. !«/._— J 7J»

rnvestment Advisors, Inc.

First Imernatiaaaf Plaza, Hum! on Texas.

StarttemThraasCtotoTM: 01^47^ 8 ox 273 Sl Peter PorL Goernsoy.
Imfcta I mrestment 'Management MmLCwncy— I499i

3 C baring Cross, SL Heh'er, Jersey. 053473741. £ FRedlitfereit (MAO

afiSSaa=W_.M=d# f^asrdl?

Schroder Untt Trust Mips. Int. UtL

NomaBdvMdalTnBLll
Nor n^Sy Ccrn .Tst_.p
Cart. Qamcy.&r

CornMQ Ins. (Gaerosey) UtL

PD. Bair 157, SL PHw Pw, Guernsey
InHd-hfai. Fri_—_[ 717-H Z3UH I —

Cortera I nt e mafi onJ

30a, Bredewnl Royal, Linertxxvg.* ■ '

Coring lamL,— IP5.d& — • IMLSDl '-

f —I - 4.00 IF. Janen Small Cb.j
|. — 1 4AD ■ J.F. Japan Technology. I
i JH] 6.00 . J.F. Eastern Tk—;

Pc(AuirL)

- J-F..&r.adFiUIH£)R

' DafAccum.)

JawnA PscftcDsTti
AmtsfbTsL—
RAV Jaw 23-

OM

Schroder Life AmauH.lnL Ud.

Mood- Comer Life FdlSOM
£ FtSdlm Ufe Fd— ISSS
£ EquttyLHe Fd_

S Rxeo Int Life Fd

SEiyittylifeFd

5.

Scrimgeoar Kemp-Gee MngmL, Jersey
3, Charing Cross SL Hejler,jh»ey. 053473741,

B46

Securities Se lect i on Ltd.

Bermuda Hse. SLRcter Port, fi’isey. 048126^8
Rmsfiood | — SlftJXg — J —

2900'

. Cndgmoont Fixed InL Bdngre. (Jersey)

¥.0. Bret 195, SL Hefler, Jersey. ' 053427561 London Agents: ftatt. Fianhg &

. Gilt Fund Usy-i 186J 86AI— 1 137S ... -.v Sentry Assur a nce l n t e n aK arerf lid.

irtred weekly Wettaesday. LeOirold Joseph & Sans (Guernsey) i»n_ Rnr 5776 . Hmltam 5. Emuh.

DWS Dentscfie Ges. F. Wertpapiersp

Gronefaugrwg 313,6000 Frankfurt — —

3m«25l —

uupoio jtnepn ox sons lreuencsey/ pn Hire 1776. Hamilton 5 Brenrta.

StSfltSBaSSSLj ~

■ Starling Fund.....|aS.a8 351091 -uf
LJ & 5 Cwnncy Find
. ' ! Tt-fcplwnr Manager far latest prices.

Delta Group
P.Q. Bax 3012, Nassau, Bahamas
DeBa lnv.Jtme22_T2.75 21 .
.Londoo Agents:. NetaMK Eteusun. TeL

Kfelnferort Benton Grasp
3), Feachureh SL. EC3L

Guernsey Inc.,

8000

Prop. Fd. June 23_.
Ca3iF

Series 2 Man. Fd,

Series 2 E&tr Fd. — ,

i Fund June 23
Pra-Unk fc lb e unu li
Managed Rad — ;

CashFund

Refuge I n v es t m e n ts Limited
1© Oxford St v Manchestai' 0612369432

— Series, 2 Prop. Fd — 017-8

— Series 2 Fl vd lie «4p0i>

— Managed.

— Propaty

m ffli=d =

City erf Westminster Assurance

Henderson Administration

Manufact urers Life Insurance Co.

West Prep. Fort
Managed F

„ .^Fnrt

BStSS!a=— ,

Money Fund 267.1

GttFupd

BSrtGrtd Fd. — ; — [741

PULA Fund

Soc Pros. Units
Sbc First Unit Fund J2IL2
. Fnaf cvnaxlj dosed IP.- .

Pwfano Units | - 2710

For Ppgloo Prias please phone
Senes IZJPnces are lorgir

aiBid

895

219.9

High Income Fd.

Gdt Edged Fnnd.,-
Capital Growth Find

Technology -

Natural R&ourtes_
SpKbl SitiiillOfnFA J
Nffl-th American Fund]
Far East Fund.

Prime RsdntJ. Prp— |97J

ReUance Mutual
Ttnbridse WeUsj Kent

Equhy Fund [91 _

PTOpFtt. Qst .Issue).* L_—

Series 2 Money Fd._D20.fa
Series 2 O’seasFd.

Tulip Invest. Fd.

Tulip Managed Fd. _

Managed Inv.FcL InL
Manaredtav.PlAre..

Man. Pen. Fd. Cap.—

Man. (fen. Fd. *" 1

Trident Life Assurance CaLU

*^lK' 11 Awtln Frtara, Lontoq L EC2. 01-5883622 SLGeorgrtWW^tewMge. 043856101 WJKttndissoe)'.

■ _ ■ mu ■ ■ Midi I mini ip Fd.

row? 27771 London Qwuitr.
OTSZzzzn. Mdna _ K ^

Gtd-Mgd.

“ Property

0452 36541
+0.41 —

Paxton Fred Prices
-. Managed I nHi, .

• DOLAccum. — — —

-* Property tail

— 1 — Da, Atom

BxUtylnit.

KDI Samuel Life Assw. Ltd,

dries issued alter 111960. NLA Twr N Addiscorabe Rd-, Cray. 034864355

Series (U lbese are bid pfKH for earlier poGdes. SecurityFund
. BritSiSi Fund—

Clerical Medical Managed Funds Ltd.

15tSL James’s Sq, SW1Y4LQ. 01^305474 capital Fund,,

— g tM z:i = ’

Ptitrs Jbh. 16. Urtt dl

JCPrioes June 36. Una dsdlogs an Wedaesfejrs.

Property Series A —

Commercial Union Graop Managed Units— —_i

SL HrienV X Urtershalv Ed 01-2837500 High YWdFort 1

.WaM=U“- 1=1 =

*4fandto'HHtrii

3L

Prtwerty. ...

NaaAVeaUmt Trust-

Confederation Life Insunume Co.

■S>,C6»ncery Lane, WCZA 1H E.

w e&=m

GSSSLSSBSL — !

HWnklH HURtS rcT l.iw

auftr!

Do-Accun.— ,

OttrEdgedlstt 1

Da Acorn.

-M19 — Guaranteed Intt— 1

— Do. Accum..

IntenatiunallidL.
• Do. AcoiBL-

Iredesc Uc. G3U. Mtt.— — ,
Dojitom

1101

Royal Ufe Insurance Ltd.

— New Hall Place, Liverpool LU 3HS 051-2Z744Z2

— Rural ShtaW Fd {2318 24521+051 —

Managed. _

, Equity Fund.., ,

=1 =

GSl Fund—

Moqey Fm)

=3 — Save & Prosper Group

4,Gt5UfehM\LKta. l EC3P3S*. 01^5548899

- dU).M81

DCiifscher Investment-Trust
Postfacb 2685 Blehergavre fa-30 6000 Fratfirt
Concentra-
InLUeufenfonds;

-Bflta jwa+obfl.—

.WNL77 .63JlFtMr~

Do. Acciun

K.B, Eurobond Fd

K.B. Far East (Gnsy.)
K.fr.GiftFuod___
K.B. htt.Bd.Fd. Inc..
K.B. lm.au. Fd. Acc.
K.B. ImL Braid

Dtexel Bomtara Lambert

77, LnfaKWU.-LondDn,EC£-

VWnchesier OiwtsiEed Ltd. NAV May 3LS2437.
.NAV May 31. USS1120.

.B. Japan Fund.

K.B. S!erf. Auer F<f._,
. K.B.U.S. Gwth.Fd._l

01-62B3200 TransaUaatlc F(L — .

01-6238000

lUf’”'

^62
1056 ID,

' S8959.

SU9.K __
mio

S1988 -aS
92J$P- riisj

Signal Life Assurance Co. Ltd. .

Ocean Heights, Queensway, G4oaltar. Tries 2332.
Growth Strategies RLIE286 Z86f __4 a

Singer & Friedbntder Ldn. Agents.

2D,CannooSL,EC4v 01-2489646

Is

Strategic Metal Trust Mngts. Ltd.

3 IOT Street, Douglas, I0M 062423914

StauskUeOITr^-ffOm 0.901 l —

Strunghold Management Limited
P.O. Box 315, SLHdier, Jersey. 0534-71460
CamMStyTrost P? 033 13508} —4 — .

\ '

Wlncbestar Ovcrieto Ltd. nav May 31.’ US31L20. Korea International Trust
Wtehesiar U-S. Reserves Ltd. Current yield 13J.?8 Fund Man.: Korea Invest. Trust Co UL

. . ... do Vickers . da. Costa Ltd, King WBHara_Stir«. r i.. .,i,i >u

Dreyfes Intereontlmirtai Inv. Fd. Lwdon,EC4, ra-6232494

P.O. Box N3712, Nassau, Bahamas. NAV won 6338 57i4. I DR value UOT20L52»L 9, SJ, Dougin. IsfeOfllan

NAV June Z2_____[26J6 2fa28| 448 j* Kirea Tnirt

Copper Tnat.

062423914
4*3886. H8% j .

^toiia , £i^ J ?G^^04812B034

Sti2s&5r=:a 5Szd

Daehan Investment Trust Co. Ltd.

Gjtoal Eqriy fend b? .

— BaUnv.

389.4

_ Merchant Investors Assmaue

Property

Fund.

F «l

rOlIre,

S5S*a?' te s

ssss

Managed Cr
G ua ra nt eed

Indexed- — —
Indexed Secs. Cep,

= SBK

HJ ]

—

:E9

"E:

w

" ,rti

TWO

■■ ■

r--

snL

- _J-Fd-

GIH.Pens.Fd_. _

_ ■Prices on June 16. ftla&ly deafest

— ’Schroder life Ass. LUL

EnUroriseHcuBe.PretsnxxXh. 0705827733 LfepiPen.

American.

IttW." -

Gift Edged
Mreiey
Intern
Fscat

Growth t

Growth Ao — «_

Pens. Erertty Acc.
Peax.Mnrt.Acc.__

Pern. Gdt Edged Acc. L
Pens-GuLDepAcc — | _

Pens. Phr. Acc_. 1229.5

Trl Inv. Hord_ ... {518

Tyndall Assurance/ Pen si ons
IB, CanyageRoact Bristol.

3790
2410
2219
2117
18U.
120.0

NAV June 19 (Won *910HaSSEC37J ’

TSB Trust Funds (C.L7
30 Wharf $JU SL Helier, Jersey (CIL

Erason * Dudley Tat. MgL Jrsjr. Ltcf, -
P.O. Bax 73, SL Hdier, Jersey. 053473933
EAI.C.T. DO40 33A3J —l —

Uuard Brothers & Co. (Jersey) Ltd. tsbJ— *«

P.O. Box 1 OB, SL He Her, Jersey, C.L_ 0534 37361 TslSeftiTSrtZfeTl

TSB Oh Fund Ud.—

TSBjSS^nffl;

The Engfish- AssociatioQ
4 Fore Street. ECZ.

E. A Income Fd. « —

- E. A. Starting- . -_Zlg£92 76.'
E-ABWnr B7.9_ U

LtcErus. IrifCap.-
Lu.Bm. InL Inc. —|

Laz-Broi. Inv Asset-

UZ. Bros. InL Asseu
La£.BfOS.lnvAsseL.
Laz. Bros. Far East -|

-100' Prices oa June 30. Next sufa. chy July

Wart^SeKipl •* J

— "Next dealing June :

Tokyo Padflc Holdings N.V.

intJmto Manaaemrat Co. N.V., Curaore,

UO HAV per share Jane 28. 472.92.

- p!ffi S??L Star, JW®* 5- 053427561 Tota Pudfic HUgs. (Seaboard) N.V.
Itoyds TsL OVas— (73S B03( I 332 IKW* Co. N.V y

Itoy* Tnrit — | 33L45

Next dealing date Jure 30.

203

... ,1 302

deafin Jnne 30.

MAY per share Jwk SSXZL

2810

439.4
2558
1672

236.4

0272792241 Efmitage Management Ltd.

GrmyBte hse_SL Hetier. Jersey, CJ. 053476007,

: gWSrrJSWz l=d=-.

: ' Etnbottd Holdings N.V.

Pfetermaai 15, Willensaad, CUrocaoi

:

BhdI" ‘

SSTSavent y - — ...j
Do. P'1
Index

— Mntdpfe Heattb and Ufe Assnr. Co. Ud.

- aec

CtnfSnental Ufe Insurance PLC
64/70 High Sl, Crc^doa CR09XN 01-680 52S

gSE’£Sfo c 5,-®& i^.=i =

CernhM Insurance Co. lid.

3* CornhB, E.CJ. 01-6365410

Etadty FA. Jim 23—1101
Fshl JiX.Fa.June,

(mperfaf Ufe Ass. Co. of Cand*

Imperial Home, GWldlbnl.

sasssassJirfBK

Unit Uohed I

Managed Fjmd

Fixed Irt. Fd- — —

Secure Cap. Fd

Equity Fund—

Property Fred

712S5

HEL PMSfeus Ltd.

Mltton Court. Dorking, Surrey,

htatacEq.Csjf .f

NdnOttom.
MAxMmqrCap...

Netex Mon-,
NetaxGthnef
Neiex Gtttacl
NriUaLFtt.r
IWUhLRL/

Irish LHe AssnrancB Co. Ltd. ,

Cvedit & Commerce Insurance Co. (OK)
CCI Hse^ Heneage Lane, EC3A 5TO. CQ-283 2411
PCI DtoOSitFnd. |Ui0 117“

"SOffiteiL
flSglSferig

Sl High Inaune FdJj7.0
CCI Property Fd- —PlJ*

BfaeCMpJunell —
fttenagedFi o i fl ■■■■ —
Mat3rFtf.Ser. II —
Prop.Md.Jmwl— l)
Prop. McL Sv Junel.

-ro!W Gdrins^r j: i_

. xenroL Man-Fd. —
- High Inconio
GfehifFuod

wstaSLdviiBfr

Now Series from April 1 3962
' U.K. Equity— 3D?.7

si

— Fixed.

T* CashDetJostt.

Index utieed Fund
Vanbrugh Ufe Assurance
4M3 Maddox SL, Ldn. MOR9LA.

S.GL Europe Db&gathms SJL

9, Awxip de la Ltoerte,

London Agent FT
-EC2M 5fiSTeL
. EiMpB-CbflBaUac~I

-Lloyds Bank InternaUmtaL Geneva
P.O. Box 430, 1201 Gcnere 11 (SwtaertaaO
Un* InL Growth— BFgBJB 6gJ0l+15fl 140
Uoytt. Ini. Income [SFZ715 2B214 -15) 700

Uayds Banjc l itteroational, Guernsey
P.O- Box 136. Guernsey, Channel I s ta rts.

’ AleuuterFind-— _ | 51139 _ 1 — | —

Net asset vatae June' 7.

Louis Dreyfus Commodity Fund
c/o Trustee, P.O. Box 1092, Cayman r stands.
June 25. Valuation per unit $5,66680,

M&G Group

Tyndall Group
2 Hew SLSL Hefler, Jeney.

TOfSL Jone 24 ' '

fAccum. shares) —
American June 24 —
(AmDi.slural— .

Far Eastern June 17-
(AcEan. shares) — _

Jersey, W. Jim* 23—

TWon-J. Aa. UlvT— .

raft Fd.Jrau-23.

(Accam. Shares)

Wctory House, I
H^hxLdatJimeS-
fAecan Shares^.

0B4 37331/3
' 194

Hse. L mdwW aU ** u uraup Equity June l7„_Jl95.8

Tefcx 887281 Three Quays, Tower Kill EC3R6BQ. 01-6264588 Fixed Irermi June 04192.2
S4L62 HUTU 1« "

— W Z Ebrotw lovEStnwrtF Ltd.

ihX&l? 9 ** L<ieof Man *

C Agents FiS.SL Alhans.
Eurota* tau.Ftmd J1B&6

Atlamic Ex. June ,

Austrian E*. Jane 23.
Gold Ex. June 23— _
f Acuxn. Units).

Idand

a IXOtal -

O033UA (Anann Units:

31A3I--J —

InL Jone 37_

Cmndty.lnU.Jiaw 17
Pacific Inti. Jnnel7_

hto aflfaL 0624 24112

is.-*

m-.

»2i4

2»

.90 4.415

.705 4.955

m

F & C MgmL Ltd. Inv. Advisers
1, Laurence PoiotoeyHaL^Cfl. 014

fy gjd is.

Prices Jtane lfa UteMrdeaUoSL

-Vanbrugh Pensions Limited
41-43, Maddux SL, Ldn, W1R9LA
Mmaged

F^‘

01-4994923

FWefity I nter n ational.

House, Qreen St, SLH^^

Management International Lid. „ - T _ B - P -

_ Bk.of Bermuda Bldg, Bermuda. 809-2954000 “• r P3*“_« u c "- Uersey/ L 2 fl.

*r* ■' ■ b&l Ini. Bd. Fd. Cao.l SUJ9 I J — . p -°- Bm 426 SL Hefler, Jeney, GL

Hitt ■•*-ia-JSLSLi^ m 1 -

BtssHSteEis ssi^a^s &jsfflsasysa» swag 8 ™ 1

prices mi request.

Scottish Amicable Investments
PA Booc.25, Craip&jrth, SHrSng.

ilrterest .

'^1250
Windsor Life Assnr. Co. Ltd.

Aval Albert Hse. Sheet SL, Windsor 68M4

Doltw Safas TsL <z)_
asttaf-

— _ Far East

Imestor Units

tom (fen. Units— .
Flex. lire. Growth

NPLPemfams M

48GocectiidiSL,£C&3iM.

nt Ud.

(descent Life Assurance Co.- Ltd.
1 4 New Bridge Slreet, EC4V6AV
^tanagedfo rt,

[ UK Equity -tM-4

King & Snfson J*LC
52, ConridO, EC3.

BmdFd. Exempt— P£M

nia -

• HarvwtPemFkrt

Langnam'A Plan — .]
Wbp'^P) ternTd

Life

Crown Life Hs^VL^GimiXW O«M 9m g^am.

DtsLFiloem, !

Mask’d Fd.Art ,

BljnJdfa,

Property Fd.Jn6—

• Property Fd. irtnt—

FotSlirLM.-Act—

Fixed InL Fd-lrtm—

Equity Fd. Acc..

EqohyFilidL-
Eijuity Fd. Inan.
imLTa.ra.te_-.

■ lnv.Tst.Fd. Inh.

4nv.TAFd.lROn,
meyFite.,

T.ral&z:

-FlilntMlI:

Si (neonn Line

: Coronet Fd.— — I
ring lnv.Fd._i

Legal & Ccnerai (Outt Assort Ltd.

Cash Initial
Do.Acorl
E qoity tahb

Property FnMd
Do.AcBini.__
ExtinptCashlalL—
Do-Acam—

Exempt Epty,

Do.Arture.^

Exempt Fixed Intt.
Do. Acorn.,

IlSl

— ReLAss'dPen.

Future Asvt Grourth _|27i'::

dSuAcedxl

(04235433

Z&WW “ National PnwMent Insfflalioii Exrt« Mrt.init—

01-3538931 Langham Ufe Anu r. Co. Ltd. Nbimged.— — — ^ — feT^tnii

La^VUn Hta^ KohateroAJJl. WVL^Ol-MiSn, ■

H — Americas
^ — Far EBt.

-4 “ fttpenya

«ogd. 1A

DoJVxuf-i ,

Exempt Prop. Intt. —

imi ft Ganml Prop. Fd, MjffS> Ud.
— 31, Queen VWflriaSL EC4M4TP. 0W489Q8

= ' : - uu,<, TEfit'

Scottish Mata Assurance Society

109 SLVtaceotSL, Glasgow 0412486321

l^d = '

Scottish , WMowS- Gram '

PO Bex 904 EdWmroh 006581/ 034-655000
hrNUnBH'

hnrPalZ^aieg— ,|
li«.Casii
Mixed Fi
EwHr

S£X3b

mt

s5lwSf

PMS. Equity Fd,0nL ffiOJ
Pers.Prtjo.Fci.Drd.-mjB

Poi-IfliaJc,

Pens. CashFd. __

Do. 3.6 Fd JuneKJ
Do. Pro. Fd June

220.7)

Skandia Life Assurance Co. Ltd.

161-166 Fleet SL, Lcwtai EC42DY 01^538521

OFFSHORE AND
OVERSEAS -

Atfig limstment

Postfacb 706 6000 Mum* 1 Tefex 524269
ASrenta— — _tolffl8S

Fofldak- Be.42

Foods : 1DU2L40

Albany Fond Management Limited
P.a Box 73, SL Hefler. Jmry. 053473933

AasfaySFd.<CI)__|iU607m71|— 4 ia
Mtxt dealing Jdy 26

Alien Harvey ft Rass Inv. MgL (GL)

1 daring Cress, SL Hefler, J^CX 0534-73741

AHRGffiB ^Fa^ljSlj l 11^+rad 1226
ABance International Dollar Reserves

c/o Baik of Beimida. Hamilton, Bermuda,

Adr. ACM 1,62/63 Queen SL, EC4. 012488881
Dhtribudon June 23 160003451 03.4%) - ■
Afiuttaut Securities (CJ.) UdL (a)(cXb)

— American lnc.Ta (2) 147J

1 215 _

*PricesatMay3l

■Rendng Japan Fond SJL

37, me Notre-ten^ Luxertxui?
Ftaraiog Jwne22 | $42.40

Minerals, OKs Res. Shis. Fd. Inc. Unkin4n*esiflKnt-Gesanschaft inbH

PO Box 194, 51. Heifer, Jersey. , 053427441 ftnrfxcb 36767, D 6000 Frankfurt 16.

MORES June24. — R8.91 9091 — J 132 poifoods M UJW+Ua -

Samuel Montagu Ldn. Agents Ka ZZZ ~n !

U4, OU Broad BL, EC2. 01-5886464 — — i -ug

1 I -

Frankfurt Trust Investment — GmbH
Wiesesau 1.D-600Q Frankfurt

F T-lnte qira -iBWit 40.73+0011 -

Fronkft- EffekL Fd— 565^KL3lj -

Free World Fund Ltd.

Bctterfieja Bk^HaniltaD. Bernxafcl

:MAVM«Cb31— _1J ■ 5149^6 1 I ■

G. T. Management (U.K.) Ltd.

Parte H*_lfa Rmfctwy Circii*.

Tet 01-628 B13L hx^88610O. _

Lowtan Agents -for:.

0534 76077
12.94-

035

^BAccJ
l iBansjUooaf m
IfeniMfaPOtotelH

■ Ses fetos (feasB Hab ■

P.a Box 428, SL Heller, Jersey:

Dollar InetmTS — S0.964
East Ind. 4 Energy— 037-7
G«*t Secs. %. .111(73.4 7&‘

IWy DeafiBggW*based«

B.LA. Bond Investments AG
10, naamJia s se CH6301 Zug, Sw^ata
Bearer SAL May 19!_D0JS5> 10,9001 — '

Bank of America intemaUonM SJL*

35 Bed Hard Royal, Luxeirtmag CJX
UMptestlnomK-— -JSU437 U4J5| — .J 3817
Prices* Joe la Next wlL Jure Ih.

Barclays Unicom International
l.CbarinBCrufaSLHlBtf.JaKCy. 053473741
Tnnt —KU 4^71

SS=dK>IHS

. AEJT Ero. June 25__M6.7fl
Apo«o Fj Jure lOZlsraa f
■ JaulKtJU(iel6—

U7^^WjotU.'|_

Mufrayv Johnstone (inv. Adviser)

163, Hope Sl, Glasgow,' C2.- 041 221 5521

Hope St. June 15 — I $44.76 I _J —
Murray FU. June 15 J 51193 ™J —

PsrahcFurt May31 J . . »4J4 ( Zl —

Nat. Westminster Jersey Fd. Mgts. Lid.
23)25 Brort SL, SL Hefler, Jersey . 0534 70041
High Income Find— .1466 . 4&9 +!

EouhyFiusI )W5 J5

Jmernaiional Btmdr J53L4

*Sub. day nery Thxs.

NegltSJL

10a Bcuinartl Royal. Luxanboug

NAV June 26—1 J59.04- — 1 J —

N f i international Ltd.

P.a Box 219, 5L Peter Port, GoenKey, C.L

Stalling DeOOfrt 1618 (5JI

Sieriir^ Ftad interesLttQ

V.CJL Flmndel Management Ud.

42, Essex Street, London, WC2. 01-3S36S45
PanAmer. OTs Fit [5148 - |_J _

Vanbrugh Fond UngmL Inti. lid.
2B-34HiO St, Sl Hefler, Jersey. C634 36281

VMjvob Gmwcy FdJllIU Uflfl __[ 80S

02-600 455S

• (LT.Ada Steritag— .1

6.T. Australia RL.

G.T. Band Fi eri.

<LT. DoUar Fd

G.T Hr. (StrigJ Fi.j
G-T. Inwst

l&L®

Gortmom Invest Lid. Ldn. Agts.

Z.SL Miry Axe, Londn^EC3w- . .01-2S33S31-

Sirrlmg Manscied _-l5B.fi
InU. Flxrd Interest— |7LB
InttiLMamged — .[614

Nortbgaio Unit TsL Mngn. (Jersey)

PA Box 82, St-.HdJer, Jersey. 05347374L
PaLHicFdJune24 J5L26 9JB5| —4 — .

Pacific Basin Fond
10a Boulevard Royal, Lmepitw ii w.

«AVv_^„ — J - SliL6S -

I nx. Advj U. & Cl. Im. Mogt,

Phoenix International
PO Box 77,-SL Peter Port, Gqem,

IraeMMtar Fund, 0.94

Far EmeFund., _[24l

j (Far tad) LtrL taKb)
-Harwtt Bd.lL Kaog, ,

UK SlochmarkH.
IniLSiocttiHrtet

UoterpAust.aMto

DoiCrtr. ParifK 11X9

Dokffltl. loeome |ZS.4

DouistoofMairlU—
OraMaxMBbsi;

Fad

m d : tt. r&iSSS&cM

^SmSSSSi^tSo 62423*1
C artirm IntL Inc—jlR? 19.* —4 2640 ■ lrtL Ehied InL ,

Cartnne|iitLGrth_n3ia 138Ad ~-J- 060

S. G_ Warfaurg ft Co. Ud.
■30, GiKbaai Sheet, EC2.

Merc.Mny.-Ju* 21— [EUL9D 114
Select ftk. June 15 -B1L38 H75

Warburg Invest Mhgt Jray. Ltd.

7 Library Place, SL Helier, Jsy.Cl 053437217
Merc. Cram. June 22. IQ 423
Merc. Fr.TsL June 23 Ul£lB
Metals TsL June 17_lH94

SMT Ltd. June 24_

■MefcTraDJune25— ,

Ward ley Investment Services Ud 4
4th Floor, Hutchison House, Hong Kong

WarfayTnst fl'

JIfetUey Niktai As. RUS3S J0 37J
Wartjey 8«ri 7>u«_Ml2 9i
Waidley^ipanTrBSLf

World Wbfe Growth Mnagement#

20*, BoHfeuud Royal, iinenbouv

Worldwide Gth Rfl SU38 I J — ,

Ini. Adu M. 8> G. Ire. MqgL, Ltd, LaodML

Wnn Com nudity Nbiamraent Ud.
‘lfi,SL Garage's Si, DhMbsIdh 0624!

— Pretlars Metal Feast! l2a0

r-

HEasSa Futures RL „ Jlw.2

— Urea intLFixL* EOJU

062425HIS

0090

jj2i

Asdcnrazloid GENERALI SLpJL
PJL Bax 132, Sl Peter Port, Cnetroegb CJ.

I fill£L1739 223,991 __J ~

nbm4dfa3 —

Providence Capital Infenutioial Ltd. NOTES

PD Boria, Si Peter Pvn^Ciierwcy 0483. 26726/9 - Prices are to pen* unless otherwise inflated ud

.(host dntarated S with no prefix refer to U.5.
doltars. Yields % (shown in last entumn) allow for all
MfB taames. a Offered prices include all
expenses, b Today's prices, c Yield based op offer
»B. d Estimated, o Today* opening win.
a OfetribuUoo free of. UK taxST p Periodic
preatara tosorance plans, s Single nmnlun -
* Offered price Includes all expenses
«^agwt£«Bffrissto<hy Offered price taSidre

■fES^srssBssi.

. intL Currency .i

HiH. Money Starlet _!

■KBaswite

ODbrMB^ra.^1
Prices oc AfflsS

. - jSUfl

Mat dealing jo« SL

** „ , I*!! 1 ?; t

*+ Only rartiibie (a sbaritabie ladles.

30

’ 1982

Hijh .Ltm

BRITISH FUNDS

| Prfca j+orl Will.

£ - kt M.

3f

95%

991;

95

302

°D%

94*2
98 %
302%
39%

90%

£3%

971*

•98%

96%

1 79%
,97%
90 ij

an*

- 102 !*

3037;

321.

“Shorts

95%

94%

91
95%

92%

55%

91%

87%

91%

96%

81%

»

59%

731;

88%

86%

69
36%

50%

2E%

90
73%

Stele

(Lives up to Five 'Years)

EsJt.9%pcl982..

Ewh. L3'2pc *83.,

EaJi.lI»45cl904.'-
Excr«uerl4gc.l9E4
Esdi. 3pc 1W4

Treasury 3pc I9S5\.
Treasury U'jpc 19S5
E*ch.I2%pclW5_
Each. ll%pc *86 —
Treasury Sx 1985 _

Each. 13%pc 1987.

994

934

9S>Jd

891

94%

3.17

99%

mi

97*^

un%

+%

951

1338

97%

+%

J 02S

■w

+ %"

.532

1157

m

+%

1336

m

338

97*4

+ %

1234

M3 * 4

+%

WVi

9«.

t%

1240

83%

+ %

3.61

96rt

+%

1193

97*«

+ %

1261

95%

+H

79%

+%

3.79

95L

+%

17 53

90al

+%

9.44

29%

+%

1265

101 %

99%rt

81%

+%

+%

+%

1354

1337

7.95

74*2

98%

.ft

94

58%

10!%

-96%

SIP*

Si

8S

*8412

95%

301%

97%

64%

1C4

.108

101 %

a

•#

84%

99%

306%

76%

314%

KC 7 !

47

1031.

85%

75
31 IP’s
64

114%

94%

80%

9S%

S5%

102%

307

107%

s*

99%

681*

95%

106

5C%

67%

98.

33

30%

•34*4

23*

20%

T

nm
/ 106*
■&

641.

85%

S

6§

a.«

85%

70%

77%

59%

70

80%

88%

80%

56%

S3

91%

86%

a

a

a

86%

66%

96

86

43%

82%

69%

64

94%

ft

ft

81%

73%

82*4

89

ft

Five to Fifteen Years

Treasury 3pc 198"

Treas. 12pc 1937
TrfBory7%nc , &88tt.

Transport 3pc *73-88
Treasury lUjpc 1989. J

[Treasury 8%pc ’87-OQtt.
Treasury ll%pc 199U

Funding 5%pc ’87-91#

S«h. Use 1993

[Treasury 12%pc *92+t _
Treasury 10pc 1992.

Exch. 12%pc *92

Exchequer 13%f)C *92-

[Treasury 12*«c '33t?-

[Funding 6pc 1593W ■
Freasnr/ 13%pc 19938
(Treasury 14%pc , 94B.
Exchequer 13%pcl994
.Each. 12'^x 1994—
Treasury Sc ’9W ~

(Treasury 32ac *95 —

b3jc'OT

[Exch. 10%pc 1995—
fFreasiry 12%at ‘95J$ J

Treas. I4pe*56 1

[Treasury 9tee *92/9fi}i-|
[Treasury 15 %jh: *9tttJ
E«heiiii ! rl5^K'9^r
Redenttion 3<x 1936-96
{T reasury 13% uc < 97*$_|
^Exchequer 101^1997

Over Fifteen

a

4.02
1284
9.46
439
1294
73S
13.60
1359
10 JO

13:32

8.79

mi

13.71

1256

13.66

1 &«

13.78

9 JO

14.06

3426

14®

13.79

11 10

1333

637

3296

13.71

1409

1257

1451

13.31

653

13.76

13.08

9.45

13.73

1253

Years

90

55% [Ti
61%

vsi

[Treasui

lEsdil

Bry9%pc
_ i.22%pc]

Treasury M%pc 1999.
Treas. I3pc 2000 -
Treas. Kpc *58-01.
Exth.l^c’9 - “
Treas. l3%nc<

78*4 treasury 11 %pc ’01-04
33%

51%

Funding 5%pc
[Treasury T2\&

*99-04

rtas. 13%pc "04-08.
Treasury 5J«JcTJ8-12}
7%pcT2-lSJ
- 13-'17

73%

+%

1237

107%

+%

1425

. 60%

+?

1139

' 112%

+%

1424

90

+%

1154

7«%rt

+%

1256

93%

+%

1161

I1M.I1

a

13.66

1351

3.1

a

i

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3268
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1358
1321
1357

11.77
13.45
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1358

33.47

1211

1256

1294

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31%

21

17%

17%

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War Loan 3%pcit— .
Com.:2^^!c , 6l Aft...
Treasury 3pc 66 Aft-

Consols 2i=pc

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50%id

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23%

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Index-Linked & Variable Rate

99% [Treas. Variable *83~.

95

93

SO

Do. 2pc I.L ’88.

Do. 2pc I.L *%

Do.2oc LL.*06

Bo.2%pc I.L2DJLL-

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206

232

238

266

3267

225

327

IS

INT. BANK AND O’SEAS
GOVT. STERLING ISSUES

100
99
w

ISO:

101

93%

■99%

91%

100

100

ICO

79

-58%

94

26

100 %

ft

IS

92%

93%

90%

97

94%

90%

'Finland 14%pc Ln 39861
Int Bank5pc 77/82.
Do. 13%3C Ln 1986
Do.l4pcLnl987 —
Mexlb%pc2008 —
Sweden 1 S 31 C 19 B 6

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14.61

99

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+%

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1824

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13.92

CORPORATION LOANS

35

w*

87

81%

94%

94%

94%

67%

85

87%

22%

95%

?S%

90%

ISatti ll%pc 1985 —.
[Binn1onil2%Kl985.
Sumley 13pc 1937 _
Cardiff llpc 19S6— .

|G.LC.12%pc*33

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Glasgow 9>apc '80-62 _
Herts 6%sc 1985-87.
Lee * TSba 2006 _.
Liverpool 9%pc’E034.

D. 3%pc Irred.

Lon. Corp. 13%pc *83
Do. 9% pc ’84-85.—

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ft

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231*31

99

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10.47

1550

1358

10.47

653

756

10.64

14.70

1269

1472

1255

1453

1436

19-11

1452

3425

1428

1424

1423

1401

34.02

1352

1350

1450

1400

3599

13.76

1299

1248

1358

1352

COMMONWEALTH AND
AFRICAN LOANS

92

67

£6

161

66

41

372

f*

ff

53

, 32
(51S

[Aust. 6pc 1981-83 —
N.Z. 7>*pc 19S8-92 -
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11.37

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893

1276

157

65

533

18.01

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1154

18.00

356

2036

2120

66

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314

101 %

* LOANS

- Public Board and Ind.

57% lAgrtMESpc W89| . 63%

24% [Wet. Wtr. 3pc ’B’ — [ 30
103 [U. 5 . 1 V.C. 9pc 1982 _.) 11W

94 Da. wi-JtoiC WarneJ 99 'sbI

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7.90

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8 IS

9.05

33.18

32JS8

• - s-’

INFORMATION SERVICE

Financial Times Wednesday. June: 30; 19 ^ i

' FOOD, G ROCER1 ES— Contl^.^- j

•1982

Sect

LOANS— Continued

u

1982

IfflPj

99

86*2

94*2

92

43

94

65

6Z

72;

69>i

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9S%

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82*2

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Da.9cc'A ,, 91-94_.
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100*2

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FOREIGN BONDS

1982

W* tew

94

67

98

16

13

12

10*2

44

.42

38

35

102 %

67

95%

99%

75%

SO 1235

77

93%

S79

65

55

98

13

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35.

30

87*2

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80

87%

62*2

67

161 [161 *.

79

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Chinese 4*ape 1898
Da Spc 1912
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Hung. ’24 Ass

HjtotafetipcLaZmJ

Iceland 6%>c *83-88
Do.l4%pcLiM6_
Irettnd Sic *81-83.

, DP.9%pc > 91-%_J
Llapan4pc’10 Ass
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Peru Ass. 2007
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Beth Steel .
'Brown’ll Fer. cl6*jJ
Brunswick CorpuAJ
C.P.C.$%_
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Cant. Illinois 510.
Crown ZeN. 55 —

Damson OflUSSO.4

Dana Corp. SI —
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Fm Corp. America.
First Chicago S5_j
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Kaiser AI. 5* j 1

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CANADIANS

i Bk. Montreal 52-.[ 818p 1+15

i Bk. Nova Scol 51
i Bed Canada S8%. 840pa! -11

. BowVaneyll 65^ -10

Bru^cand 634p -5

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i GudCan.n M6p +8

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HoinngerS5 11% -**

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BANKS AND HIRE PURCHASE

She* | Prise

1982

Rlgfa Low

282

253

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100

&

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518

1210

1205

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190

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425
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122.0

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238

Have yon ever needed to know
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. RcjpKCTMJin England Numh«20Z&l

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— «4iKl54lKlSj;^a£:'

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42

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163

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240

98

246

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78

228

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98

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168

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Talk Property
Development to the'
■ ■ people who know. -

Telephone: 0632846051

SsEeEP

now. - i

n

North British Properties p.l.a

Wednesday June 30 1982

NeedTomnlogrow?'

Efoigrateto':

0952 613131

PLO STAYS IN. CITY AS WITHDRAWAL TALKS CONTINUE

Beirut delay irritates

BY DAVID LENNON IN TEL AVIV AND JAKE5 BUCHAN IN BEIRUT

ISRAEL is growing increasingly
impatient with the failure of
Mr PMiip Habib, the special
U.S. envoy, to persuade the
Palestine Liberation Organisa-
tion <PLO> to lay down its-aims
and leave Beirut, where 6,000
guerrillas have hero under
Israeli seige for more than tiwo
weeks.

Officials in Jerusalem said
yesterday that the PLO was
delaying to try to prevent the
threatened final Israeli assault
on their last stronghold. They
accused Mr Habib of spreading
. false optimism about the prb-
i gress of his peace talks with the
[ Lebanese authorities.

1 The PLO was constantly add-
•’ r ing conditions to its prospective
1 withdrawal from the Lebanese -
‘ capital, Israeli officials said.
They complained, there was no
I basis for optimism about a PLO

■ withdrawal, which Mr Habib
I had suggested to Jerusalem on
j. Monday.

■ One official remarked
cynically that the envoy might

1 succeed in getting the PLO out

of Beirut by. diplomatic means,
Just as he got Syrian anti-
aircraft missiles, out of the
Bekaa Valley. Mr Habib failed
in that mission last year, after
persuading Israel not to attack
the missile batteries.

-Yesterday the- threat of
Israeli attack hung over West
Beirut and its 500,000 in-
habitants, • despite further
. apparent concessions by the
Palestinians in the city.--

Having agreed in principle te
leave Beirut, the PLO appeals
to be trying to secure an
honourable withdrawal. The
Palestinian leaders softened
yesterday their demand that the
Israeli forces withdraw three
miles from Beirut before -the
former would leave. Now there
was mere insistence on
" simultaneous '’ but otherwise
unspecified disengagement.

However, officials close to the
negotiations are anxious at
what they fear is- growing
Israeli- Impatience at the
Palestinian counter-demands.
The tortuous process of negotia-

tion Involves Palestinian points
being transferred via Lebanese
negotiators and U.S. officials led
by Mr Haibih, to Israel •
There' remains the question
of where the .Palestinians will
go. With negotiations at a snail’s
pace, Israel’s faith hi Mr
Habib’s ability to budge the
PLO is fading. There" is a grow-
ing feeling that Israel Tyill soon
have to decide on a military
operation to eliminate the PLO
du Beirut

Gen Ariel Sharon, Israeli-
Defence Minister,, told- parlia-
ment yesterday that the army
could finish off the PLO forces
in Beirut “but we are not war-
mongers.” That being so, he
said, Israel had given the PLO
time to leave the city.

Israel is insisting that aH the
guerrillas leave,. Beirut It has
consistently rejected, in public
at least, all efforts by the PLO
to make conditions for with-
drawal. Jerusalem has said it
will not agree to the PLO keep-
ing- a political office In Beirut

after evacuation, nor to sym-
bolic Palestinian units being
incorporated into the Lebanese
army.

Speaking at the openin& of a
Parliamentary debate on the
scope and aims of the war, Gen
Sharon said that Israel’s “just
defensive war In Lebanon ” had
raised his hopes that "the day
is not far off when a triangle
of peace will be created on the
shores of the Mediterranean— a
triangle of Israel, Egypt and
Lebanon, with open borders
from Beirut through Jerusalem
to Cairo." ■ . , r

The defence, minister said
that the PLCs moment of truth
had arrived, because ‘‘we are
determined that : the terrorist
organisation will not continue
to exist.” He expressed the
hope that, with the destruction
of the PLO, it would be possible
to reach agreement on auto-
nomy for the Palest! mans in the
occupied West Bank and Gaza
Strip.

Further aspects, Pago 6

Inmos may
need extra
£5m to £10m
injection

By John Elliott, Industrial Editor

AN EXTRA £5m to £10m
working, capital is likely to be
seeded during the coming
year by Inmos, the National
Enterprise Board’s controver-
sial microchip company, to
enable its factories in the U.S.
and South Wales to reach
profitability.

At the same time, the NEB,
part of the British Tech-
nology Group, hopes to sell its
70 per cent stake in United
Medical Enterprises, an inter-
national hospital management
company. j f

The NEB believes ^ could
raise some £30m front the sale
of its interest Jn .UTME. which
is developiqg- r private sector
hospitals i; pr the UK and the
Middle IyhsL -

A management buy-out has
Leen /discussed.

but a £3Qm

price /tag would probably rule
this font The minority share-
holders are Orion Bank,
London Trust and Commercial
l^oiotL

f Inmos has already been allo-
rated nearly £100m of Govem-
r ment grants and guaranteed
! loans through the NEB. Tbmor-
1 row it is launching ranges of
/ microchips, including its 64K
dynamic random access memory
chip (which can store 64.000
pieces of data on a single chip)
which it hopes will firmiy estab-
lish it in international markets.

The company says i t is selling
all the chips made by its U.S.
factory in Colorado Springs,
which is now meeting its pro-
duction schedules. Test, -pro-
duction has started at its South
Wales factory.

But the NEB expects it will
need an extra £5m to £J.0m
next year. Ideally, this would
he _ provided by an industrial
partner. However. Sir Freddie
..■Wood, chairman of the NEB,
‘^fcaid’yesterday he would be pre-
pared., to recommend the Gov-
ernment to provide the funds
if Inmos stayed on its current
successful course and if other
funds were not available.

This would be a controversial
move but would probably get
a sympathetic hearing, from Mr
Patrick Jenldn. Industry
Secretary. Sir Freddie has
ordered an urgent outside
study of Inmos markets. He
said’ that a shortfall oE 10 per
cent for such a venture was
not that much."

The NEB has been advised
by Lazards that financial insti-
tutions could not be expected
to invest at this stape. The
NEB might recommend the
company to sell and leaseJrack

its US. factory to provide the
money.

NEB makes £59m
Page 10

Continued from Page 1

Barclays

clear when the proposal was
announced on May 13 that if
necessary the bank would ask
its pensioners to come in.

Tbe move to open about one
in five of its branches on Satur-
days reversed a decision taken
13 years ago by the major clear-
ing banks.

Mr Quinton, said the main aim
was to attract deposits and com;
pete with building societies.
Building society deposits. ..were
£56.4bn last year against £4I2bn
for the banks, he said. . .

Mr Quinton thinks building
societies take about 30 per cent
of .their deposits on Saturdays,
but .other bankers have chal-
lenged this estimate*

UK insurance industry reports
£ 613 m world underwriting loss

BY ERIC SHORT

UNDERWRITING LOSSES of
Britain’s insurance industry on
worldwide general insurance
business rose last year from
£339m to a record £6l3m •

It expects the losses could be
higher fa 1982. following the
bad weather last winter and
because of the slow economic
upturn.

However, the industry lifted
its net trading surplus by nearly
4 per cent last year from £792m
to £822m because of a 27 per
cent increase in its investment
income from £l.l3ta to £1.43bn.

The results were announced
yesterday by the British Insur-
ance Association. They empha-
sise the growing importance of
investment income to UK insur-
ance .companies in current
tough trading conditions.

Keen competition and the
continuing worldwide recession
meant premium rates have been
kept down and business has not
expanded significantly. Com-
panies have been unable to col-
lect sufficient premiums to me ft
the cost of paying claims and

1 WORLD-WIDE
UNDERWRITING RESULTS

J wsumcE wbmuubM

£m

|200h-

140 OH

teooH

«72 *»

ta cover running expenses.

The deficiency has had to be
covered by investment income.
This has remained buoyant be-
cause of continuing high world
interest rates.

Mr Peter Dugdale, the BIA's
retiring chairman, is gloomy
about prospects for 1982. The
storms which swept the UK
last winter cost insurance com-

panies at least £250m in claims.

Competition is becoming
fiercer, especially for commer-
cial and industrial business, and
world economic recovery is
slow.

Mr Dugdale expects higher
underwriting losses worldwide
this year, although countries
such as Canada and Australia
coaid show improvement.

He notes the trend towards
lower interest rates which
would brake investment income
growth, and does not expect
much rise iin the trading sur-
plus of UK insurance companies
this year.

Of the 19S1 results, under-
writing losses in the U.S. rose
from £55m to £44m, while those
in the rest of the world in-
creaed from £179m to £371m.
The only bright spot was the
UK, where underwriting losses
were cut from £67m to £49m
because of exceptionally favour-
able motor business conditions.

General insurance funds of
UK insurance, companies in-
creased nearly 17 per cent by
the end of last. year to £15.8bn.

San Francisco outlaws handguns

BY REGINALD DALE, US. EDITOR IN WASHINGTON

SAN FRANCISCO yesterday
became the first major U.S. city
to ban the owning of private
handguns. The authorities
immediately admitted, how-
ever, that enforcement is likely
to be a major problem and the
law will certainly be challenged
in court by the gun lobby.

• Passage of the San Francisco
law follows others, hot always
totalliy successful, attempts to
ban handguns— or “ Saturday
night specials "-^around the
country, as U.S.' public opinion
has slowly begun to revolt
against rising crime figures and
senseless murders.

Rifles and shotguns are not
covered by the ban, and there
are many exemptions for
police, military and security
personnel. gun collectors,
private Investigators, licensed
target shooters and private
store owners who obtain police
permission.

The district attorney has
said " he will not prosecute
offenders until the constitu-
tionality of the ban has been
established. The U.S. constitu-
tion, somewhat ambiguously,
guarantees the right to bear
arms.

The ordinance, proposed by
mayor Dianne Feinstein, makes
ownership of a pistol as misde-
meanour punishable by up to
30 days in prison and a $500
fine. There will be a SO-days
grace for pistol owners to
dispose of weapons.

The ban nevertheless repre-
sents -a major symbolic step
forward for the advocates of
gun conlroL The first city-wide
ban was ordered in Morton
Grove. Illinois, last year, and the
idea has spread, although bans
do not always lead to many guns
being turned in/

In August 1980 New York
City passed a law controlling
hand guns, but left open the
possibility of private citizens
acquiring them legally with a
permit. In much of the U.S. it
is alarmingly easy to buy a gun
—even by mail order.

Opponents of the controls
gained a much publicised
victory earlier this year when
Kennesaw, Georgia, a suburb
of Atlanta, passed a unanimous
ordinance requiring every male
head of household to own a gun
and ammunition.

The National Rifle . Associa-
tion, leading voice of the gun
lobby, said the San Francisco
law would “ make criminals out
of thousands of law-abiding
citizens." Opponents have
claimed it will open the door
to illegal searches of private
homes — although the authorities
have said they will not try to
retrieve weapons this way.

Train drivers’ strike

Continued from Page 1

essential element in modernis-
ing railway working practices
in a modern railway.

AsleFs fierce resistance to
flexible rostering has already
led to 17 days of strikes earlier
this year which cost BR about
£100m.

The union said the strike
decision was in accordance with
the policy reaffirmed by its
annual conference last month
to retain the guaranteed eight-
honr day which dates from a

1919 agreement, and not allow
any worsening of members’
conditions of service.

The strike decision is the
more surprising since before
they heard of it, senior BR
officials were standing by
yesterday afternoon for what
they believed would be a posi-
tive reply from ihe union

This would have provided for
the new shift to be worked as
an experiment throughout Scot-
land, except for a small number

of depots in Glasgow, while a
simultaneous experiment on the
basis of alternative Aself pro-
posals would have been worked
by drivers in another, as yet un-
' specified, part oE the country.

If Aslef had accepted the
compromise the rosters would
not have been imposed from the
weekend. However, the strike
decision may have been pro-
voked by BR making It dear
that It wanted a decision on' the
compromise by tonight;

French cabinet changes expected

BY DAVID HOUSEGO IN PARIS .

M PIERRE DREYFUS, France’s
Industry Minister, is . likely to
step down today in the first
cabinet reshuffle since the legis-
lative election of June last
year. '..The changes are not
intended to reflect any change
of direction in. government
policy.

The other main casualty is
likely to be Mme Nicole
Questiaux, minister for social
security and -the -senior woman
in the government. She has
failed to make much public
impact and ran into damaging
publicity' last year for allegedly
bowing to pressure from the
Communist-led CGT union to
secure the resignation of a
senior social security official,
who later committed suicide.

M Dreyfus, 75, has been

expected to resign for some
time. He was brought into the
ministry as a former head of
Renault in an effort to reassure
industrialists apprenhensive
about the government’s lack of
experience and its interven-
tionist leanings.

He has found the job— one of
the toughest in the government
—exhausting for a man of his
age. It has increasingly been
-said -that he was-failing to -put
his mark of the development of
industrial policy.

M Jean-Pierre Chevenement,
Minister of Research, was being
tipped last night to take over
some of M Dreyfus's respon-
sibilities. /

M Jean Le Garrec. Minister
for the Extension of the Public
Sector, jrturwas responsible for

implementing the nationalisa-
tion programme, is also a pro-
motion candidate.

Speculation about the future
of M Laurent Fabius, Minister
of the Budget, also surfaced
last night after he had been to
see M Pierre Mauroy, the Prime
Minister, and President
Francois Mitterrand. M Mitter-
rand met M Mauroy yesterday
evening, apparently to finalise
the changes,

M Fabius is close to M Mitter-
rand, but he has long been at
odds with M Jacques Delors, the
Finance Minister.

A more substantial cabinet
reshuffle is unlikely to lake
place until after M Mitterrand
has assessed the results of the
post-devaluation stabilisation
measures..

-up

by Ford

By Kenneth Gooding,

'Motor Industry Correspondent

FORD today launches in Britain
a one-tonne pick-up truck built
by its South African subsidiary.
'Hie company expects to capture
at least, one-third of the UK
pick-up market, which, has been
dominated by - Japanese
vehicles.

The company says the growth
in -pick-up sales in Britain
makes the sector impossible to
ignore, but there, is not enough
demand to justify UK produc-
tion.

UK sales of one-tonne pick-
ups rose from 7,171 to 9,906
last year, the only part of the
car or commercial vehicle mar-
kets to . show any advance. ”

The Mazda pick-up was the
best seller, with 39 per cent of
total sales, followed by the
Datsun model and the Bedford
KB26, built by Isuzu in Japan
and imported by VauxhalL the
General Motors subsidiary.

The price of Ford's pick-up,
the-. P100, excluding VAT,
delivery and number plates, is
£3,720 compared with the
£3,549 charged, for the Mazda
pick-up. A version with better
interior trim, the PIOO L, costs
£3,890; • . ,

In addition tor the two basic
models, ..Ford . has been co-
operating with a number of
specialist body builders -and
accessory suppliers. A glass
fibre loadbox canopy is avail-
able and a tipper body and
towing bar are under develop-
ment.

Some 1,500 vehicles are with
dealers for today’s launch. The
Pi 00 will be sold through
Ford's 400 car and van main
-dealers and 135 - truck
specialist dealers.

The introduction has been
timed to take advantage of the
peak selling month, August
when about one quarter of all
pick-up registrations in Britain
take place. Ford expects that
4,000 of the new vehicles will
be registered in a full year.

The P100 bears a strong
visual resemblance to the
Cortina car, but Ford says 75
per cent of the components
were specifically developed for

heavy duty pick-up. application.

The power unit is Ford’s 1.6
litre OHC petrol engine
already used In the Cortina,
and, in down-rated form, in
the Transit van.

Ford says 35 per cent by
cost of the components are
sourced from UK Ford plants,
including electrical com-
ponents, some body panels and
the engines. ' ■ .

Ford expects to face protests
from anti-apartheid demo n-
stratora at some showrooms to-
day. The company says . its
recent record in South Africa
is better than most..

Ford will import. about 6,000
of the South African pick-ups
during the next 12 months.

Weaihct

UK TODAY

DRY and sunny but cloudy
with rain later.

London. S, E, N England,
Channel Islands, N Wales, Lake
District. Isle of Man, S Central
Scotland

Sunny, rain later. Max ISC
(64F).

SW England. S Wales
Cloudy with rain. Gales in
places. Max 18C (64F)

Central Highlands, NE, NW
Scotland, Orkney, Shetland
Sunny, isolated showers. Max
15C (59F).

Outlook: Unsettled with rain in
most places. Becoming cooler.

WORLDWIDE

Y’day Y'llsy

midday midday

°C "f *C *F

Ajaccio S 25 77 Luxmbg. F Ifi 61

Alqiars S 21 70 .Luxor S 44 111

Amsdm. F 17 83 Madrid S 31 88

Alhans S 32 SO Majorca S 28 82

Bahrain — — Malaga S 26 78

Bdrclna. S 26 79 Malta S 27 81

Beirut — — M'ehalr. F 15 59

Boliaai C 12 54 Malbne. C 15 59

Bolgrd. S 26 79 Mox.c.t — ’ —

Scrim C 19 06 Micmit S 17 91

Biarritz C 20 68 Milan S 27 Bl

Bmghfli. F 17 63 Mantrf.f V 19 68

Black pi. F 14 57 Moscow R 15 59

ttardx. F 21 70 Munich- T 15 58

Boulqn. F 15 59 Nairobi F 24 75

Bristol F 17 B Naples S 25 77

Brussflf* C 15 59 Nassau ■— «—

Buripst. R 21 70 N-vwil. F 1G 61

Cairo S 37 99 N.rorkt C 22 72

Cardiff S 17 S3 Nice F 23 73

Cas'b'w S 26 7$ Nicosia S 30 88

Capo T. S 21 70 Oporto S 22 72

Chinn. t C -19 66 Oslo C 16 SI

Colwno T 15 59 Paris C 16 61

Cpnhgn. R 14 57 Forth S 16 GT

Cnrtu S 31 SB Ptarjua C 13 55

Donwort F 18 64 Ryk|«k. C 12 54

Dublin F 16 61 Rhodes S 27 81

Dhtvpfc, S 25 77 Rio J’ot — “
Frinbgti. F IB 64 Roma S 25 77

Faro S 28 79 SnUbrj, C 21 70

Florence F 28 79 S’ciftcot — —

Franfcft. F 19 60 S. Mrit£.

Funchal C 21 70 Slngepr. F 31 88

Genova F 21 TO S'tiagot — —

Glbrlu. S 23 73 Stekhm. ft 11 52

Gl’ag’w ft 14 57 Strosba- C 18 64

G'maty S IB 61 Sydney

Helsinki R 12 54 Tangier S 28 82

H.Kong ft 27 81 Tel Aviv S 28 82

l.o. Man S 15 $9 Tenarife S 24 re

Istanbul F 34 75 Tokyo S 25 77

Jersey S 17 83 TVnWl R 18 64

Jo'hlifrj 5 17 S3 Tunia S 28 82

L. Pirns. S 24 75 Valencia 5 28 82

Liihni) S M 84 Van ico F 25 77

Lac.rrno F 25 77 Vienna F 21 70

London F 20 B8 Warsaw F 13 06

t Ang i C 17 63 Zurich C 19 66

C— Cloudy. F— Fair. R — Rain, S-— Sunny,
T— -Thunder.

t Noon GMT tomporsturss^

THE LEX COLUMN

on the wall

The official line of the British
Insurance Association os that
excess capacity and,- in some
cases, irresponsible underwrit-
ing practices .. are seriously
affecting the profitability of
international general insurance
business. Thus tfie worldwide
underwriting lass -by Bf A mem-
bers aggregated £613m In 1981r
against £339m the year before.
Yet the fact. is that' investment
income, rose more .tiian fast,
enough to compensate,' and the
net surplus actually improved
from £T92m to £822m. Mean-
time general insurance invest-
ment assets at market value
rose from £I3.6bn to £15.8bn.
For all their complaining, :
British insurance companies do
not appear to be in any immin-
ent danger of going out of
business.

What Is undoubtedly true,
however, is that renditions are
getting rougher. The generally
cosy position of British insurers
in the domestic market is now
being threatened, espedallv in
the commercial classes where-
words «ke “stuoid" and “un-
acceptable” were being used
■yesterday bv the. -ton -BIA
officials to describe the .new
level of premium rat^s. .-

One reason for the shakeout
in tins sector 4s that newcomers
to the UK market can rack un
hie commercial accounts at low
rates mid reinsure them »t what
are alleeed.to be tlhe more
ludicrously uneconomic levels
ruling on the international re-
insurance market. . The new-
comers thus need not bear any
insurance risk (though on some
aria) vs es of the state of health
of the reinsurance market thev
may be hearing a credit risk).
Competition in UK personal in-
surance lines, however, still
appears to be at a reasonably
gentlemanly .level

Index rose 7.8 to 552.0

S»m%ht /Johnson

Johnson Group Cleaners has
been looking ripe for a take-
over ever since the 1980 report
and accounts drew attention to
the replacement cost value of
its assets. Over the past three,
years, its annual profits have
been stuck at £4m pre-tax while
tiie share price has bounded
ahead.

The eventual offer has
emerged from an unlikely
source. Sunlight Service Group
■is capitalised in the market at
around film, rougMy one third
of what it is offering for John-
son. Its statement that
“Johnson shareholders will re-
ceive immediately over 50 per
cent of the combined equity ’’
is a disingenuous way of des-
cribing an- audacious reverse
takeover.

Sunlight shares dropped 5p

yesterday to 91p, valuing
Johnson's equity at a lOp
premium to the closing price of
263p. Oh a pro forma basis,
■the deal would leave Sunlight'
with a very lopsided balance-
sheet Tangible shareholders-
funds of around £12m would
compare with net borrowings of ;
about ■ £l6m and convertible:
loan stock totalling almost £7m-

Sunlight plans to change all
that Its vague promise to “ do
its best to minimise tire number
fo redundancies ” is a none too
subtle hint that asset sales, are
in the pipeline. Some . of
Johnson's 650 retool outlets
were last revalued in 1953 and
the group's current coat net
worth of £53.3m must give a
better idea of its value than the
historic figure of £22.Sm.

Johnson has failed to make
its retail assets work since a
contested bod from Skechley,
aborted after a Monopolies
Commission reference fa 1977,
miraculously lifted earnings off
their previous plateau. Its sales
per outlet are roughly 20 per
cent lower than at Sketefcley.

Johnson’s shareholders could
well hold out for a higher offer,
however, and it is hard to see
how Sunlight can produce much
more. In an industry so bid-
prone as laundries, other com-
panies must be running Johnson
through their, calculators.

Treasury questions

“What Chancellors of the
Exchequer do not say is often
quite as enlightening as what
they do ' say, and what they
intend to say but then think
better of can be best of all.
Last Friday Sir Geoffrey Howe
showed virtuosity in a written
answer to a searching question
from Sir Brandon Rhys
Williams, renowned throughout
West London as an authority
on non-deposit liabilities. In a

few brief sentences tl
cellor ranged throuj
coupon bonds, overfun
local authority bom
the philosophy of ]
control. Butrsome copi
statement contained ti
of st sentence, appare
remains of a paragn
was meant to be e
Fortunately, the rest
Chancellor’s aigumen
dear that it is quite
recreate. the missing l

The idea of mopping
non-bank private
deposits by Issuing <
amounts of Goyernme
and keeping the pro
the National Loans
only useful from a i
point of view if tbi
deposits do not count a
At the moment they
small — £2m or less
the question does not i
the new rules envis
possibility of NLF
measured in billion
while you are about it.
declare that the rest
public sector’s deposits
money either? “Not
that is, in the sense
forming part of ster]
the- .Wider- definition
already excludes publi
deposits.

It seems to have l
proposal tiiat the Cl
decided not to mertfk
haps the subject had
sufficiently explored tc
a public aiztng. Perb®
felt that to introduce a
marginally flattening -
ment to sterling M3
after last November’s
tfon would smell bad.

There is a theoretic!
cation for arguing tin
sector deposits are mor
demonetised. It is wa
that, cash limits or no,
pensity of the public :
.spend money bears do
whatever to the amoiin:
it happens to hold.

Another question Is
the NLF balances fora
the PSBR, onlent to tiro
England. In practice
likely to be used to ex;
Bank of England’s bates
and give it more
operate in the money.

In the long t£rm,
the NLF balances cw
on a more sinister s'
least insofar as the
market is concerned. (
principle of running li
tral government bala
established, placing th<
the clearing banks an
them as a direct
monetary . management
a step away. Road a
Whitehall today; a by
Lombard Street in 199f

helps BL
export

As one of Britain’s largest exporters, BL needs
the services of an international bank and
Grindlays meets this need around the world,

Wfe provide financial services for the company in
the United Kingdom, local banking services in
centra] Africa and in India we are one of the
leading bankers to BUs subsidiary, Ashok Leyiand.

in London the Corporate Banking Department
and Export Finance Department co-ordinate the
efforts of our offices and specialist departments -
In many countries around the world.

Successful examples of this teamwork include
the financing of BL exports of buses and Land
Rovers to Hong Kong, Malaysia and elsewhere in
the Far East and the provision of advance pay-
ment and performance bonding cover.

A further example of international finance
from Grindlays “BL banks on Grindlays “Whv
don’t you?

Grindlays

jBank

Grindla;

HeadO

L^ankp.l.r

3ED.

>6 0S45. Telex: SS5043/6 G RNDLYG.

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SwjWtf-SainSnLjrW S*i«fl4n«.»a*r a „.Ug ar<; ,

■’ Reproduction at th« contents of ntwcmr in ' — _ ■

RoflisiorBrt at the Post Office. PruWtl by c. no * Pwminwl WithAiit erlM e

Brjcfcan House. Cannon Street. Lofftfen EMfi 4BY, a * mBn *s Pr *** .'or '

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